Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Given Average Recommendation of “Moderate Buy” by Brokerages

Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) has been given a consensus recommendation of “Moderate Buy” by the seven research firms that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, five have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $7.20.

CNTB has been the topic of several recent analyst reports. Wall Street Zen cut shares of Connect Biopharma from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Canaccord Genuity Group started coverage on shares of Connect Biopharma in a research note on Tuesday, May 26th. They set a “buy” rating and a $6.00 target price for the company. BTIG Research reiterated a “buy” rating and set a $10.00 target price on shares of Connect Biopharma in a research note on Tuesday, March 31st. Cantor Fitzgerald started coverage on shares of Connect Biopharma in a research note on Thursday, May 21st. They set an “overweight” rating and a $4.00 target price for the company. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Connect Biopharma in a research note on Monday, May 4th.

Connect Biopharma Trading Down 3.8%

CNTB opened at $2.00 on Friday. The stock has a market capitalization of $125.92 million, a PE ratio of -1.74 and a beta of -0.22. The firm’s fifty day moving average price is $2.42 and its 200 day moving average price is $2.54. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.23 and a quick ratio of 3.23. Connect Biopharma has a 12-month low of $0.91 and a 12-month high of $3.82.

Connect Biopharma (NASDAQ:CNTB) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.05). The company had revenue of $0.02 million for the quarter. As a group, research analysts expect that Connect Biopharma will post -1 EPS for the current fiscal year.

Insiders Place Their Bets

In other Connect Biopharma news, Director James Huang bought 150,000 shares of the stock in a transaction on Friday, May 29th. The stock was purchased at an average price of $2.48 per share, for a total transaction of $372,000.00. Following the completion of the purchase, the director directly owned 13,310,000 shares in the company, valued at approximately $33,008,800. This trade represents a 1.14% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 22.60% of the stock is currently owned by insiders.

Institutional Trading of Connect Biopharma

Several institutional investors have recently added to or reduced their stakes in CNTB. Perceptive Advisors LLC bought a new stake in Connect Biopharma during the fourth quarter valued at $2,235,000. ADAR1 Capital Management LLC bought a new stake in Connect Biopharma during the first quarter valued at $1,945,000. Knott David M Jr bought a new stake in Connect Biopharma during the fourth quarter valued at $564,000. Richmond Brothers Inc. bought a new position in shares of Connect Biopharma during the fourth quarter worth about $489,000. Finally, Jane Street Group LLC bought a new position in shares of Connect Biopharma during the fourth quarter worth about $232,000. Institutional investors own 58.72% of the company’s stock.

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.