Connect Biopharma (NASDAQ:CNTB) Stock Rating Reaffirmed as “Buy” by HC Wainwright

Connect Biopharma (NASDAQ:CNTB)‘s stock had its “buy” rating reiterated by HC Wainwright in a note issued to investors on Friday, Benzinga reports.

Several other equities analysts have also recently issued reports on the company. Oppenheimer reduced their price objective on Connect Biopharma to $5.00 and set an “outperform” rating for the company in a report on Tuesday, September 22nd. Piper Sandler began coverage on Connect Biopharma in a report on Friday, June 26th. They issued an “overweight” rating and a $7.00 price target for the company. BTIG Research cut their price target on Connect Biopharma to $5.00 and set a “buy” rating for the company in a report on Wednesday, September 30th. Weiss Ratings raised Connect Biopharma from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, September 24th. Finally, Wall Street Zen raised Connect Biopharma from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Seven analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $6.14.

Connect Biopharma Stock Performance

Shares of CNTB stock opened at $0.91 on Friday. The stock has a fifty day moving average price of $1.85 and a 200 day moving average price of $2.25. The stock has a market cap of $57.01 million, a PE ratio of -0.76 and a beta of -0.16. Connect Biopharma has a 1 year low of $0.85 and a 1 year 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.

Connect Biopharma (NASDAQ:CNTB) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($0.27) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.04. The firm had revenue of $2.75 million for the quarter, compared to analyst estimates of $0.74 million. Sell-side analysts forecast that Connect Biopharma will post -1.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Connect Biopharma

Several institutional investors and hedge funds have recently modified their holdings of the stock. Bank of America Corp DE acquired a new stake in Connect Biopharma during the first quarter valued at approximately $41,000. Simplify Asset Management Inc. acquired a new position in shares of Connect Biopharma during the 1st quarter valued at $135,000. Richmond Brothers Inc. bought a new stake in shares of Connect Biopharma during the 4th quarter worth $489,000. Knott David M Jr boosted its stake in shares of 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 in the last quarter. Finally, ADAR1 Capital Management LLC acquired a new stake in shares of Connect Biopharma in the first quarter worth $1,945,000. Hedge funds and other institutional investors 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.