Connect Biopharma (NASDAQ:CNTB) Stock Rating Upgraded by Cantor Fitzgerald

Connect Biopharma (NASDAQ:CNTB) was upgraded by research analysts at Cantor Fitzgerald to a “strong-buy” rating in a research report issued on Thursday,Zacks.com reports.

A number of other equities research analysts also recently weighed in on CNTB. Weiss Ratings reiterated a “sell (d)” rating on shares of Connect Biopharma in a report on Monday, May 4th. BTIG Research restated a “buy” rating and set a $10.00 price target on shares of Connect Biopharma in a report on Tuesday, March 31st. Finally, Wall Street Zen downgraded shares of Connect Biopharma from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $7.50.

Connect Biopharma Stock Performance

Shares of CNTB opened at $2.36 on Thursday. The company has a current ratio of 3.23, a quick ratio of 3.23 and a debt-to-equity ratio of 0.01. The firm’s fifty day simple moving average is $2.71 and its two-hundred day simple moving average is $2.54. Connect Biopharma has a 12 month low of $0.72 and a 12 month high of $3.82. The stock has a market capitalization of $148.59 million, a P/E ratio of -2.05 and a beta of -0.21.

Connect Biopharma (NASDAQ:CNTB) last posted its quarterly earnings data on Tuesday, May 12th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.05). The firm had revenue of $0.02 million during the quarter. As a group, analysts predict that Connect Biopharma will post -0.96 EPS for the current year.

Insider Buying and Selling at Connect Biopharma

In related news, Director James Huang acquired 1,160,000 shares of the company’s stock in a transaction on Tuesday, March 31st. The shares were acquired at an average cost of $3.45 per share, for a total transaction of $4,002,000.00. Following the purchase, the director owned 13,160,000 shares in the company, valued at approximately $45,402,000. The trade was a 9.67% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 22.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CNTB. Perceptive Advisors LLC purchased a new stake in shares of Connect Biopharma during the 4th quarter worth approximately $2,235,000. ADAR1 Capital Management LLC bought a new position in Connect Biopharma during the first quarter valued at $1,945,000. Knott David M Jr bought a new position in Connect Biopharma during the fourth quarter valued at $564,000. Richmond Brothers Inc. purchased a new stake in Connect Biopharma in the fourth quarter worth $489,000. Finally, Jane Street Group LLC purchased a new stake in Connect Biopharma in the fourth quarter worth $232,000. Institutional investors 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.