Connect Biopharma (NASDAQ:CNTB) Coverage Initiated by Analysts at Oppenheimer

Equities research analysts at Oppenheimer began coverage on shares of Connect Biopharma (NASDAQ:CNTB) in a research report issued on Thursday,Benzinga reports. The brokerage set an “outperform” rating and a $8.00 price target on the stock. Oppenheimer’s target price would suggest a potential upside of 223.36% from the company’s previous close.

Several other brokerages also recently weighed in on CNTB. Piper Sandler initiated coverage on Connect Biopharma in a report on Friday, June 26th. They set an “overweight” rating and a $7.00 price target on the stock. Weiss Ratings cut shares of Connect Biopharma from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, June 30th. Cantor Fitzgerald started coverage on shares of Connect Biopharma in a report on Thursday, May 21st. They issued an “overweight” rating and a $4.00 price objective on the stock. Wall Street Zen downgraded shares of Connect Biopharma from a “hold” rating to a “sell” rating in a research note on Sunday, June 28th. Finally, Canaccord Genuity Group initiated coverage on Connect Biopharma in a report on Tuesday, May 26th. They issued a “buy” rating and a $6.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Connect Biopharma has an average rating of “Moderate Buy” and an average target price of $7.29.

Connect Biopharma Stock Performance

Shares of Connect Biopharma stock opened at $2.47 on Thursday. Connect Biopharma has a 52 week low of $1.09 and a 52 week high of $3.82. The firm has a market cap of $155.76 million, a PE ratio of -2.15 and a beta of -0.23. The business’s fifty day simple moving average is $2.29 and its 200-day simple moving average is $2.52. The company has a quick ratio of 3.23, a current ratio of 3.23 and a debt-to-equity ratio of 0.01.

Connect Biopharma (NASDAQ:CNTB) last issued its quarterly earnings data on Tuesday, May 12th. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.05). The firm had revenue of $0.02 million during the quarter. Equities analysts forecast that Connect Biopharma will post -1.13 earnings per share for the current year.

Insider Activity at Connect Biopharma

In other news, Director James Huang bought 150,000 shares of the firm’s stock in a transaction that occurred on Friday, May 29th. The stock was purchased at an average cost of $2.48 per share, with a total value of $372,000.00. Following the transaction, the director directly owned 13,310,000 shares in the company, valued at $33,008,800. This trade represents a 1.14% increase in their ownership of the stock. The transaction 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.

Hedge Funds Weigh In On Connect Biopharma

A number of hedge funds have recently modified their holdings of CNTB. HRT Financial LP grew 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 last quarter. SmartHarvest Portfolios LLC purchased a new position in shares of Connect Biopharma during the fourth quarter worth about $36,000. Bank of America Corp DE acquired a new position in shares of Connect Biopharma in the first quarter valued at approximately $41,000. Persistent Asset Partners Ltd acquired a new stake in shares of Connect Biopharma during the fourth quarter worth $76,000. Finally, XTX Topco Ltd purchased a new position in Connect Biopharma in the 2nd quarter valued at $29,000. 58.72% of the stock is currently owned by hedge funds and other institutional investors.

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.