James Huang Purchases 1,160,000 Shares of Connect Biopharma (NASDAQ:CNTB) Stock

Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Director James Huang acquired 1,160,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 31st. The shares were purchased at an average cost of $3.45 per share, with a total value of $4,002,000.00. Following the transaction, the director directly owned 13,160,000 shares of the company’s stock, valued at $45,402,000. This trade represents a 9.67% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Connect Biopharma Price Performance

Connect Biopharma stock traded up $0.08 during trading hours on Thursday, reaching $2.80. 235,378 shares of the stock were exchanged, compared to its average volume of 164,772. The company has a current ratio of 5.48, a quick ratio of 5.48 and a debt-to-equity ratio of 0.01. Connect Biopharma Holdings Limited Sponsored ADR has a twelve month low of $0.51 and a twelve month high of $3.82. The company has a market cap of $156.31 million, a P/E ratio of -2.80 and a beta of -0.21. The stock has a 50 day moving average of $2.70 and a two-hundred day moving average of $2.31.

Connect Biopharma (NASDAQ:CNTB) last issued its earnings results on Tuesday, March 31st. The company reported ($0.27) EPS for the quarter, beating the consensus estimate of ($0.30) by $0.03. The firm had revenue of ($0.05) million during the quarter, compared to analyst estimates of $0.00 million. Equities analysts expect that Connect Biopharma Holdings Limited Sponsored ADR will post -0.22 EPS for the current fiscal year.

Analyst Ratings Changes

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

Hedge Funds Weigh In On Connect Biopharma

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. XTX Topco Ltd acquired a new stake in Connect Biopharma in the second quarter valued at approximately $29,000. SmartHarvest Portfolios LLC acquired a new position in shares of Connect Biopharma during the fourth quarter worth $36,000. HRT Financial LP lifted its stake in shares of Connect Biopharma by 60.5% in the 4th quarter. HRT Financial LP now owns 16,785 shares of the company’s stock valued at $47,000 after acquiring an additional 6,328 shares during the last quarter. Persistent Asset Partners Ltd bought a new position in shares of Connect Biopharma in the 4th quarter valued at $76,000. Finally, Royal Bank of Canada acquired a new stake in shares of Connect Biopharma during the 4th quarter valued at $114,000. 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.