Connect Biopharma (NASDAQ:CNTB) Releases Earnings Results, Beats Estimates By $0.05 EPS

Connect Biopharma (NASDAQ:CNTB) posted its quarterly earnings results on Wednesday. The company reported ($0.27) EPS for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.05, Zacks reports.

Connect Biopharma Price Performance

Connect Biopharma stock traded up $0.09 during mid-day trading on Wednesday, reaching $2.33. The company had a trading volume of 371,963 shares, compared to its average volume of 283,595. The business has a fifty day simple moving average of $2.20 and a 200 day simple moving average of $2.48. The company has a market cap of $146.71 million, a P/E ratio of -2.03 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 current ratio of 3.23, a quick ratio of 3.23 and a debt-to-equity ratio of 0.01.

Insider Buying and Selling at Connect Biopharma

In other news, Director James Huang acquired 150,000 shares of Connect Biopharma stock in a transaction that occurred on Friday, May 29th. The shares were acquired at an average price of $2.48 per share, for a total transaction of $372,000.00. Following the transaction, the director directly 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 position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 22.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Perceptive Advisors LLC bought a new stake in Connect Biopharma during the 4th quarter worth approximately $2,235,000. Millennium Management LLC acquired a new stake in Connect Biopharma in the fourth quarter valued at $133,000. Royal Bank of Canada acquired a new stake in Connect Biopharma in the fourth quarter valued at $114,000. Persistent Asset Partners Ltd bought a new position in Connect Biopharma during the 4th quarter worth $76,000. Finally, OMERS ADMINISTRATION Corp acquired a new position in Connect Biopharma during the 4th quarter worth about $228,000. Institutional investors own 58.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on CNTB shares. HC Wainwright reiterated a “buy” rating and set a $7.00 price objective on shares of Connect Biopharma in a research note on Thursday, June 25th. Wall Street Zen lowered shares of Connect Biopharma from a “hold” rating to a “sell” rating in a research report on Sunday, June 28th. Piper Sandler assumed coverage on shares of Connect Biopharma in a research report on Friday, June 26th. They set an “overweight” rating and a $7.00 price objective for the company. Weiss Ratings downgraded Connect Biopharma from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, June 30th. Finally, Oppenheimer began coverage on Connect Biopharma in a research note on Thursday, July 9th. They issued an “outperform” rating and a $8.00 price target on the stock. Seven investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $7.29.

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.