Insider Buying: Connect Biopharma (NASDAQ:CNTB) Director Acquires $4,002,000.00 in Stock

Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Director James Huang acquired 1,160,000 shares of the stock in a transaction on Tuesday, March 31st. The stock was bought at an average price of $3.45 per share, for a total transaction of $4,002,000.00. Following the transaction, the director owned 13,160,000 shares in the company, valued at approximately $45,402,000. This represents a 9.67% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink.

Connect Biopharma Price Performance

Shares of NASDAQ CNTB opened at $2.99 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.48 and a quick ratio of 5.48. The stock has a market capitalization of $168.99 million, a price-to-earnings ratio of -2.99 and a beta of -0.21. The firm’s 50 day simple moving average is $2.71 and its 200-day simple moving average is $2.33. Connect Biopharma Holdings Limited Sponsored ADR has a 12 month low of $0.51 and a 12 month high of $3.82.

Connect Biopharma (NASDAQ:CNTB) last announced its quarterly earnings results on Tuesday, March 31st. The company reported ($0.27) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.03. The firm had revenue of ($0.05) million for the quarter, compared to analysts’ expectations of $0.00 million. Analysts expect that Connect Biopharma Holdings Limited Sponsored ADR will post -0.22 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently issued reports on CNTB. Wall Street Zen raised shares of Connect Biopharma to a “hold” rating in a research note on Saturday, December 20th. BTIG Research reiterated a “buy” rating and set a $10.00 price target on shares of Connect Biopharma in a research report on Tuesday, March 31st. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Connect Biopharma in a report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $8.67.

Institutional Investors Weigh In On Connect Biopharma

A number of hedge funds have recently modified their holdings of the business. Perceptive Advisors LLC acquired a new position in Connect Biopharma during the fourth quarter worth about $2,235,000. Millennium Management LLC purchased a new stake in Connect Biopharma during the 4th quarter valued at about $133,000. Royal Bank of Canada acquired a new stake in Connect Biopharma in the 4th quarter valued at about $114,000. Persistent Asset Partners Ltd purchased a new position in Connect Biopharma in the 4th quarter worth approximately $76,000. Finally, OMERS ADMINISTRATION Corp purchased a new position in Connect Biopharma in the 4th quarter worth approximately $228,000. 58.72% of the stock is currently owned by institutional investors and hedge funds.

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.