Leerink Partners Begins Coverage on Connect Biopharma (NASDAQ:CNTB)

Analysts at Leerink Partners assumed coverage on shares of Connect Biopharma (NASDAQ:CNTB) in a note issued to investors on Monday, MarketBeat reports. The brokerage set an “outperform” rating and a $4.00 price target on the stock. Leerink Partners’ price target indicates a potential upside of 335.35% from the stock’s current price.

CNTB has been the subject of a number of other reports. Piper Sandler began coverage on shares of Connect Biopharma in a report on Friday, June 26th. They issued an “overweight” rating and a $7.00 price target for the company. HC Wainwright reiterated a “buy” rating on shares of Connect Biopharma in a report on Thursday, October 8th. Weiss Ratings upgraded shares of Connect Biopharma from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, September 24th. Wall Street Zen raised shares of Connect Biopharma from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Finally, Oppenheimer reduced their target price on Connect Biopharma to $5.00 and set an “outperform” rating for the company in a research note on Tuesday, September 22nd. Eight research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $5.88.

Connect Biopharma Price Performance

Shares of CNTB opened at $0.92 on Monday. Connect Biopharma has a 52-week low of $0.85 and a 52-week high of $3.82. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.37 and a current ratio of 2.37. The business’s 50 day moving average price is $1.74 and its two-hundred day moving average price is $2.17. The firm has a market cap of $57.86 million, a PE ratio of -0.77 and a beta of -0.16.

Connect Biopharma (NASDAQ:CNTB) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($0.27) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.04. The business had revenue of $2.75 million for the quarter, compared to the consensus estimate of $0.74 million. On average, equities analysts anticipate that Connect Biopharma will post -1.09 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Bank of America Corp DE acquired a new position in shares of Connect Biopharma during the first quarter valued at about $41,000. Simplify Asset Management Inc. acquired a new stake in shares of Connect Biopharma in the 1st quarter worth about $135,000. Knott David M Jr raised its holdings in shares of Connect Biopharma by 93.9% in the 1st quarter. Knott David M Jr now owns 387,835 shares of the company’s stock worth $1,016,000 after acquiring an additional 187,835 shares during the last quarter. Finally, ADAR1 Capital Management LLC acquired a new stake in shares of Connect Biopharma in the 1st quarter worth about $1,945,000. Institutional investors and hedge funds own 58.72% of the company’s stock.

Connect Biopharma Company Profile

Connect Biopharma Corp. is a clinical-stage biopharmaceutical company focused on developing therapies for chronic inflammatory diseases driven by T-cell activity. The company uses its drug-discovery platform to identify and advance small-molecule and antibody-based treatments intended to selectively regulate immune responses while limiting broader immunosuppression.

Its pipeline has included ropsacitinib, formerly known as CBP-307, an oral selective sphingosine-1-phosphate receptor 1 modulator investigated for inflammatory bowel diseases such as ulcerative colitis and Crohn’s disease.