Connect Biopharma (NASDAQ:CNTB) Announces Quarterly Earnings Results, Misses Expectations By $0.05 EPS

Connect Biopharma (NASDAQ:CNTB) issued its earnings results on Tuesday. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.05), Zacks reports.

Connect Biopharma Price Performance

CNTB stock traded up $0.33 during midday trading on Tuesday, reaching $2.67. The company had a trading volume of 209,093 shares, compared to its average volume of 198,255. The company has a market capitalization of $150.96 million, a price-to-earnings ratio of -2.67 and a beta of -0.21. The stock has a 50 day moving average price of $2.73 and a 200-day moving average price of $2.50. Connect Biopharma has a 1-year low of $0.70 and a 1-year high of $3.82. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.74 and a quick ratio of 3.74.

Insider Buying and Selling

In related news, Director James Huang purchased 1,160,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 31st. The stock was acquired at an average price of $3.45 per share, with a total value of $4,002,000.00. Following the completion of the purchase, the director directly owned 13,160,000 shares in the company, valued at $45,402,000. This trade represents a 9.67% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 22.60% of the stock is currently owned by company insiders.

Institutional Trading of Connect Biopharma

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CNTB. HRT Financial LP grew its stake in shares of Connect Biopharma by 60.5% in the 4th quarter. HRT Financial LP now owns 16,785 shares of the company’s stock valued at $47,000 after buying an additional 6,328 shares during the period. SmartHarvest Portfolios LLC acquired a new stake in shares of Connect Biopharma in the 4th quarter valued at about $36,000. Persistent Asset Partners Ltd acquired a new stake in Connect Biopharma in the 4th quarter valued at $76,000. XTX Topco Ltd acquired a new stake in Connect Biopharma in the 2nd quarter valued at $29,000. Finally, Royal Bank of Canada acquired a new stake in Connect Biopharma in the 4th quarter valued at $114,000. Institutional investors and hedge funds own 58.72% of the company’s stock.

Wall Street Analyst Weigh In

CNTB has been the subject of several research reports. Weiss Ratings reaffirmed 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 objective on shares of Connect Biopharma in a research report on Tuesday, March 31st. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $8.67.

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.