Canaccord Genuity Group Cuts Connect Biopharma (NASDAQ:CNTB) Price Target to $6.00

Connect Biopharma (NASDAQ:CNTB) had its price target trimmed by Canaccord Genuity Group from $7.00 to $6.00 in a research report sent to investors on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

Other analysts have also recently issued reports about the stock. Weiss Ratings cut shares of Connect Biopharma from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, September 3rd. BTIG Research reissued a “buy” rating on shares of Connect Biopharma in a research note on Tuesday. HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of Connect Biopharma in a report on Monday. Oppenheimer initiated coverage on Connect Biopharma in a report on Thursday, July 9th. They set an “outperform” rating and a $8.00 price objective on the stock. Finally, Wall Street Zen raised Connect Biopharma from a “sell” rating to a “hold” rating in a research report on Saturday, August 15th. Seven investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $7.29.

Connect Biopharma Price Performance

Connect Biopharma stock opened at $1.28 on Wednesday. The stock has a market capitalization of $80.60 million, a P/E ratio of -1.08 and a beta of -0.23. Connect Biopharma has a 12-month low of $1.06 and a 12-month high of $3.82. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.37 and a quick ratio of 2.37. The firm’s 50-day moving average is $2.13 and its two-hundred day moving average is $2.39.

Connect Biopharma (NASDAQ:CNTB) last posted its quarterly earnings data on Wednesday, August 12th. The company reported ($0.27) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.04. The firm had revenue of $2.75 million during the quarter, compared to analyst estimates of $0.74 million. Equities analysts predict that Connect Biopharma will post -1.1 earnings per share for the current year.

Institutional Investors Weigh In On Connect Biopharma

A number of institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE purchased a new position in Connect Biopharma during the first quarter worth approximately $41,000. Simplify Asset Management Inc. acquired a new position in shares of Connect Biopharma in the 1st quarter valued at $135,000. Richmond Brothers Inc. purchased a new stake in shares of Connect Biopharma during the 4th quarter valued at $489,000. Knott David M Jr grew its stake in shares of Connect Biopharma by 93.9% during the 1st quarter. Knott David M Jr now owns 387,835 shares of the company’s stock valued at $1,016,000 after buying an additional 187,835 shares during the period. Finally, ADAR1 Capital Management LLC purchased a new stake in shares of Connect Biopharma during the 1st quarter valued at $1,945,000. 58.72% of the stock is currently owned by hedge funds and other institutional investors.

About Connect Biopharma

Connect Biopharma Holdings Limited (NASDAQ:CNTB) is a clinical-stage biopharmaceutical company focused on developing therapies for chronic inflammatory and immune-mediated diseases. The company’s research is based on insights into T-cell biology and aims to address conditions with significant unmet medical needs, including inflammatory bowel disease and dermatological disorders.

Connect Biopharma’s pipeline has included CBP-201, an antibody targeting the interleukin-4 receptor alpha pathway, and CBP-307, an oral sphingosine-1-phosphate receptor modulator.