Connect Biopharma’s (CNTB) Buy Rating Reiterated at HC Wainwright

HC Wainwright restated their buy rating on shares of Connect Biopharma (NASDAQ:CNTB) in a research report report published on Friday morning,Benzinga reports.

Several other analysts have also weighed in on the company. Oppenheimer decreased their price target on Connect Biopharma to $5.00 and set an “outperform” rating on the stock in a report on Tuesday, September 22nd. BTIG Research cut their price objective on shares of Connect Biopharma to $5.00 and set a “buy” rating on the stock in a research report on Wednesday, September 30th. Wall Street Zen raised shares of Connect Biopharma from a “sell” rating to a “hold” rating in a research note on Saturday, August 15th. Piper Sandler began coverage on shares of Connect Biopharma in a research note on Friday, June 26th. They issued an “overweight” rating and a $7.00 target price on the stock. Finally, Canaccord Genuity Group dropped their price target on shares of Connect Biopharma from $7.00 to $6.00 and set a “buy” rating for the company in a research note on Wednesday, September 16th. Seven analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $6.14.

Connect Biopharma Stock Performance

CNTB opened at $0.93 on Friday. The stock has a 50-day moving average of $1.90 and a 200 day moving average of $2.27. 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 has a 12 month low of $0.89 and a 12 month high of $3.82. The firm has a market cap of $58.37 million, a P/E ratio of -0.78 and a beta of -0.16.

Connect Biopharma (NASDAQ:CNTB) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($0.27) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.04. The company had revenue of $2.75 million during the quarter, compared to the consensus estimate of $0.74 million. As a group, research analysts forecast that Connect Biopharma will post -1.1 EPS for the current year.

Hedge Funds Weigh In On Connect Biopharma

A number of large investors have recently bought and sold shares of CNTB. ADAR1 Capital Management LLC purchased a new stake in shares of Connect Biopharma during the first quarter valued at $1,945,000. Knott David M Jr increased its stake in 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 buying an additional 187,835 shares during the period. Richmond Brothers Inc. purchased a new position in Connect Biopharma in the 4th quarter worth about $489,000. Simplify Asset Management Inc. bought a new stake in Connect Biopharma during the 1st quarter valued at about $135,000. Finally, Bank of America Corp DE bought a new stake in Connect Biopharma during the 1st quarter valued at about $41,000. Hedge funds and other institutional investors own 58.72% of the company’s stock.

About Connect Biopharma

Connect Biopharma Holdings Limited (NASDAQ:CNTB) is a clinical-stage biopharmaceutical company focused on developing therapies for chronic inflammatory and immune-mediated diseases. The company’s research is based on insights into T-cell biology and aims to address conditions with significant unmet medical needs, including inflammatory bowel disease and dermatological disorders.

Connect Biopharma’s pipeline has included CBP-201, an antibody targeting the interleukin-4 receptor alpha pathway, and CBP-307, an oral sphingosine-1-phosphate receptor modulator.