Connect Biopharma (NASDAQ:CNTB) Releases Earnings Results, Beats Estimates By $0.03 EPS

Connect Biopharma (NASDAQ:CNTB) posted its quarterly earnings data on Tuesday. The company reported ($0.27) EPS for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.03, Zacks reports.

Connect Biopharma Trading Up 5.7%

NASDAQ CNTB traded up $0.15 during trading on Wednesday, hitting $2.77. 60,344 shares of the company’s stock traded hands, compared to its average volume of 150,848. The firm has a market cap of $154.84 million, a P/E ratio of -3.80 and a beta of -0.20. The stock has a fifty day moving average of $2.69 and a two-hundred day moving average of $2.31. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.48 and a quick ratio of 5.48. Connect Biopharma has a 12-month low of $0.51 and a 12-month high of $3.82.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of CNTB. HRT Financial LP boosted its position in shares of Connect Biopharma by 60.5% in the fourth 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. SmartHarvest Portfolios LLC bought a new stake in Connect Biopharma during the 4th quarter valued at $36,000. Persistent Asset Partners Ltd purchased a new stake in shares of Connect Biopharma in the 4th quarter worth $76,000. XTX Topco Ltd purchased a new position in shares of Connect Biopharma during the second quarter valued at $29,000. Finally, Royal Bank of Canada bought a new stake in shares of Connect Biopharma in the fourth quarter valued at about $114,000. 58.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CNTB has been the subject of a number of recent analyst reports. Wall Street Zen upgraded Connect Biopharma to a “hold” rating in a report on Saturday, December 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Connect Biopharma in a research note on Wednesday, January 21st. Finally, BTIG Research reissued a “buy” rating and issued a $10.00 price target on shares of Connect Biopharma in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $8.67.

Connect Biopharma Company Profile

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.