Brokerages Set Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Price Target at $7.29

Shares of Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) have been given a consensus rating of “Moderate Buy” by the eight brokerages that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating and seven have issued a buy rating on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $7.4286.

A number of research analysts have commented on CNTB shares. HC Wainwright restated a “buy” rating and issued a $7.00 price objective on shares of Connect Biopharma in a research note on Thursday, June 25th. Cantor Fitzgerald initiated coverage on Connect Biopharma in a report on Thursday, May 21st. They set an “overweight” rating and a $4.00 price target on the stock. Wall Street Zen upgraded Connect Biopharma from a “sell” rating to a “hold” rating in a research note on Saturday. Piper Sandler assumed coverage on Connect Biopharma in a report on Friday, June 26th. They issued an “overweight” rating and a $7.00 target price on the stock. Finally, Weiss Ratings lowered shares of Connect Biopharma from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, June 30th.

Connect Biopharma Stock Up 0.4%

CNTB stock opened at $2.55 on Friday. The company’s 50 day moving average price is $2.21 and its 200 day moving average price is $2.48. The firm has a market capitalization of $160.55 million, a price-to-earnings ratio of -2.14 and a beta of -0.23. Connect Biopharma has a fifty-two week low of $1.23 and a fifty-two week high of $3.82. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.23 and a current ratio of 2.37.

Connect Biopharma (NASDAQ:CNTB) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.27) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.04. The company had revenue of $2.75 million for the quarter, compared to analyst estimates of $0.74 million. On average, equities research analysts anticipate that Connect Biopharma will post -1.11 EPS for the current fiscal year.

Insider Activity at Connect Biopharma

In other news, Director James Huang bought 150,000 shares of Connect Biopharma stock in a transaction dated Friday, May 29th. The stock was bought at an average price of $2.48 per share, for a total transaction of $372,000.00. Following the purchase, the director owned 13,310,000 shares of the company’s stock, valued at approximately $33,008,800. The trade was a 1.14% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 22.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. SmartHarvest Portfolios LLC acquired a new stake in Connect Biopharma in the fourth quarter valued at about $36,000. Bank of America Corp DE purchased a new stake in Connect Biopharma in the 1st quarter valued at approximately $41,000. HRT Financial LP increased its position in Connect Biopharma by 60.5% during the 4th quarter. HRT Financial LP now owns 16,785 shares of the company’s stock worth $47,000 after purchasing an additional 6,328 shares during the period. Persistent Asset Partners Ltd acquired a new position in Connect Biopharma during the 4th quarter worth approximately $76,000. Finally, XTX Topco Ltd purchased a new position in shares of Connect Biopharma during the 2nd quarter worth approximately $29,000. 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.