Connect Biopharma (NASDAQ:CNTB) Given New $8.00 Price Target at HC Wainwright

Connect Biopharma (NASDAQ:CNTB) had its price target raised by stock analysts at HC Wainwright from $7.00 to $8.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price target indicates a potential upside of 400.00% from the stock’s previous close.

Connect Biopharma Stock Performance

Shares of Connect Biopharma stock traded down $0.13 on Wednesday, hitting $1.60. The company had a trading volume of 63,396 shares, compared to its average volume of 151,611. Connect Biopharma has a 1 year low of $0.53 and a 1 year high of $2.84. The stock has a 50 day moving average of $1.42 and a 200-day moving average of $1.26.

Institutional Trading of Connect Biopharma

Institutional investors and hedge funds have recently modified their holdings of the stock. BML Capital Management LLC purchased a new stake in shares of Connect Biopharma in the fourth quarter worth approximately $2,432,000. JPMorgan Chase & Co. increased its position in shares of Connect Biopharma by 1,312.7% during the first quarter. JPMorgan Chase & Co. now owns 78,547 shares of the company’s stock valued at $79,000 after acquiring an additional 72,987 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Connect Biopharma by 24.5% during the third quarter. Renaissance Technologies LLC now owns 83,300 shares of the company’s stock valued at $107,000 after acquiring an additional 16,400 shares during the last quarter. Citadel Advisors LLC purchased a new stake in shares of Connect Biopharma during the second quarter valued at approximately $357,000. Finally, UBS Group AG increased its position in shares of Connect Biopharma by 5,552.1% during the second quarter. UBS Group AG now owns 105,185 shares of the company’s stock valued at $91,000 after acquiring an additional 103,324 shares during the last quarter. 58.72% of the stock is owned by hedge funds and other institutional investors.

Connect Biopharma Company Profile

Connect Biopharma Holdings Limited, a clinical-stage biopharmaceutical company, focuses on developing therapies to treat T cell-driven inflammatory diseases. The company is building a pipeline of small molecules and antibodies using functional T cell assays to screen and discover potent product candidates against validated immune targets.