Connect Biopharma (NASDAQ:CNTB) Downgraded by Wall Street Zen to “Sell”

by · The Markets Daily

Wall Street Zen cut shares of Connect Biopharma (NASDAQ:CNTB – Free Report) from a hold rating to a sell rating in a research report report published on Saturday morning,Wall Street Zen reports.

Several other brokerages have also issued reports on CNTB. Oppenheimer decreased their price objective on Connect Biopharma to $5.00 and set an “outperform” rating for the company in a research report on Tuesday, September 22nd. Canaccord Genuity Group reduced their price target 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. BTIG Research lowered their price objective on shares of Connect Biopharma to $5.00 and set a “buy” rating for the company in a research report on Wednesday, September 30th. Leerink Partners started coverage on shares of Connect Biopharma in a research report on Monday, October 12th. They set an “outperform” rating and a $4.00 price objective for the company. Finally, Weiss Ratings lowered shares of Connect Biopharma from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, October 21st. Eight investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $5.88.

Get Our Latest Stock Analysis on Connect Biopharma

Connect Biopharma Stock Down 4.0%

NASDAQ:CNTB opened at $0.80 on Friday. The company has a quick ratio of 2.37, a current ratio of 2.37 and a debt-to-equity ratio of 0.01. Connect Biopharma has a 12-month low of $0.73 and a 12-month high of $3.82. The stock’s fifty day simple moving average is $1.36 and its 200-day simple moving average is $2.19. The firm has a market capitalization of $50.51 million, a P/E ratio of -0.67 and a beta of -0.16.

Connect Biopharma (NASDAQ:CNTB – Get Free Report) last announced its quarterly earnings results 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 research analysts expect that Connect Biopharma will post -1.09 earnings per share for the current year.

Institutional Investors Weigh In On Connect Biopharma

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE acquired a new position in shares of Connect Biopharma during the 1st quarter worth about $41,000. ADAR1 Capital Management LLC bought a new position in Connect Biopharma during the first quarter worth about $1,945,000. Knott David M Jr grew its holdings in Connect Biopharma by 93.9% during the first quarter. Knott David M Jr now owns 387,835 shares of the company’s stock worth $1,016,000 after purchasing an additional 187,835 shares during the period. Finally, Simplify Asset Management Inc. acquired a new position in Connect Biopharma during the first quarter worth approximately $135,000. Institutional investors own 58.72% of the company’s stock.

About Connect Biopharma

(Get Free Report)

Connect Biopharma Holdings Limited is a clinical-stage biopharmaceutical company focused on developing therapies for inflammatory diseases driven by T-cell activity. The company’s research programs target conditions in immunology, including inflammatory bowel disease, atopic dermatitis and other immune-mediated disorders.

Its pipeline has included rademikibart, formerly known as CBP-201, an investigational monoclonal antibody designed to block the interleukin-4 receptor alpha pathway, and ropsacitinib, formerly known as CBP-307, an investigational oral TYK2 inhibitor.

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