Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Stock Now Rated “Moderate Buy” by Wall Street Analysts

Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) has been given a consensus rating of “Moderate Buy” by the eight ratings firms that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation and seven have given a buy recommendation to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $6.14.

CNTB has been the subject of several research analyst reports. Oppenheimer cut their target price on shares of Connect Biopharma to $5.00 and set an “outperform” rating for the company in a research note on Tuesday, September 22nd. Canaccord Genuity Group dropped their price objective on shares of Connect Biopharma from $7.00 to $6.00 and set a “buy” rating for the company in a report on Wednesday, September 16th. HC Wainwright restated a “buy” rating on shares of Connect Biopharma in a research report on Friday. Wall Street Zen raised Connect Biopharma from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Finally, Weiss Ratings upgraded Connect Biopharma from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, September 24th.

Connect Biopharma Stock Down 5.4%

NASDAQ CNTB opened at $0.93 on Friday. Connect Biopharma has a 52 week low of $0.89 and a 52 week high of $3.82. The company has a quick ratio of 2.37, a current ratio of 2.37 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $58.37 million, a P/E ratio of -0.78 and a beta of -0.16. The stock’s 50-day moving average price is $1.90 and its 200-day moving average price is $2.28.

Connect Biopharma (NASDAQ:CNTB) last released its earnings results on Wednesday, August 12th. The company reported ($0.27) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.04. The firm had revenue of $2.75 million during the quarter, compared to analysts’ expectations of $0.74 million. On average, equities research analysts predict that Connect Biopharma will post -1.1 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CNTB. Bank of America Corp DE bought a new position in Connect Biopharma in the first quarter worth approximately $41,000. Simplify Asset Management Inc. purchased a new stake in Connect Biopharma during the first quarter worth $135,000. Richmond Brothers Inc. bought a new stake in Connect Biopharma during the 4th quarter valued at $489,000. Knott David M Jr boosted its position in 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 acquiring an additional 187,835 shares in the last quarter. Finally, ADAR1 Capital Management LLC purchased a new position in shares of Connect Biopharma in the 1st quarter valued at $1,945,000. 58.72% of the stock is currently owned by 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.