Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) has been given a consensus recommendation of “Moderate Buy” by the five ratings firms that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, three have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $8.6667.

Several equities analysts have weighed in on CNTB shares. Weiss Ratings reiterated a “sell (d)” rating on shares of Connect Biopharma in a research report on Monday. BTIG Research reiterated a “buy” rating and set a $10.00 price target on shares of Connect Biopharma in a report on Tuesday, March 31st.

Connect Biopharma Trading Up 0.4%

Shares of NASDAQ CNTB opened at $2.48 on Thursday. The business has a fifty day simple moving average of $2.75 and a 200-day simple moving average of $2.49. The company has a market cap of $140.17 million, a price-to-earnings ratio of -2.48 and a beta of -0.21. Connect Biopharma has a 12 month low of $0.70 and a 12 month high of $3.82. The company has a quick ratio of 3.74, a current ratio of 3.74 and a debt-to-equity ratio of 0.01.

Connect Biopharma (NASDAQ:CNTB) last posted its quarterly earnings data on Tuesday, March 31st. The company reported ($0.27) EPS for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.03. The firm had revenue of ($0.05) million for the quarter, compared to analysts’ expectations of $0.00 million. Sell-side analysts predict that Connect Biopharma will post -0.91 EPS for the current year.

Insider Activity at Connect Biopharma

In other Connect Biopharma news, Director James Huang bought 1,160,000 shares of the stock in a transaction on Tuesday, March 31st. The shares were purchased at an average cost of $3.45 per share, with a total value of $4,002,000.00. Following the completion of the transaction, the director directly owned 13,160,000 shares of the company’s stock, valued at $45,402,000. This represents a 9.67% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 22.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. SmartHarvest Portfolios LLC acquired a new stake in Connect Biopharma in the 4th quarter worth approximately $36,000. HRT Financial LP grew its holdings in Connect Biopharma by 60.5% during the fourth quarter. HRT Financial LP now owns 16,785 shares of the company’s stock valued at $47,000 after purchasing an additional 6,328 shares during the last quarter. Persistent Asset Partners Ltd bought a new position in shares of Connect Biopharma in the fourth quarter valued at approximately $76,000. XTX Topco Ltd bought a new position in shares of Connect Biopharma in the second quarter valued at approximately $29,000. Finally, Royal Bank of Canada acquired a new stake in shares of Connect Biopharma in the fourth quarter worth $114,000. Institutional investors and hedge funds own 58.72% of the company’s stock.

About Connect Biopharma

Connect Biopharma Holdings Ltd. is a clinical-stage biopharmaceutical company focused on the discovery and development of monoclonal antibody therapies for immune-mediated disorders. Headquartered in Singapore with a research and commercial presence in the United States, the company applies proprietary technology platforms to target novel pathways in inflammatory and autoimmune diseases.

The company’s lead product candidate, CBP-201, is a fully human monoclonal antibody that antagonizes the interleukin-31 receptor, a key mediator of chronic pruritus in conditions such as atopic dermatitis and prurigo nodularis.