Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Stock Has Consensus Price Target of $5.88

Shares of Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) have earned a consensus rating of “Moderate Buy” from the nine brokerages that are covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation and eight have issued a buy recommendation on the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $5.88.

CNTB has been the topic of several research analyst reports. HC Wainwright restated a “buy” rating on shares of Connect Biopharma in a report on Thursday, October 8th. Oppenheimer cut their price target on Connect Biopharma to $5.00 and set an “outperform” rating for the company in a report on Tuesday, September 22nd. Weiss Ratings upgraded shares of Connect Biopharma from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, September 24th. Wall Street Zen raised shares of Connect Biopharma from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Finally, Leerink Partners initiated coverage on shares of Connect Biopharma in a report on Monday, October 12th. They set an “outperform” rating and a $4.00 price objective on the stock.

Hedge Funds Weigh In On Connect Biopharma

Several large investors have recently bought and sold shares of CNTB. ADAR1 Capital Management LLC acquired a new stake in shares of Connect Biopharma in the 1st quarter valued at approximately $1,945,000. Knott David M Jr boosted its stake in Connect Biopharma by 93.9% during 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. Simplify Asset Management Inc. acquired a new position in Connect Biopharma during the first quarter valued at approximately $135,000. Finally, Bank of America Corp DE acquired a new position in Connect Biopharma during the first quarter valued at approximately $41,000. 58.72% of the stock is currently owned by institutional investors and hedge funds.

Connect Biopharma Trading Down 8.8%

Shares of CNTB stock opened at $0.80 on Thursday. Connect Biopharma has a 1 year low of $0.79 and a 1 year high of $3.82. The firm’s fifty day simple moving average is $1.58 and its 200 day simple moving average is $2.08. The firm has a market capitalization of $50.26 million, a P/E ratio of -0.67 and a beta of -0.16. The company has a current ratio of 2.37, a quick ratio of 2.37 and a debt-to-equity ratio of 0.01.

Connect Biopharma (NASDAQ:CNTB) last posted its quarterly earnings results on Wednesday, August 12th. The company reported ($0.27) earnings per share 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 analyst estimates of $0.74 million. As a group, sell-side analysts predict that Connect Biopharma will post -1.09 EPS for the current year.

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.