Insider Buying: Connect Biopharma (NASDAQ:CNTB) Director Buys $372,000.00 in Stock

Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB) Director James Huang purchased 150,000 shares of the company’s stock in a transaction dated Friday, May 29th. The stock was purchased at an average price of $2.48 per share, for a total transaction of $372,000.00. Following the completion of the purchase, the director owned 13,310,000 shares in the company, valued at approximately $33,008,800. The trade was a 1.14% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

James Huang also recently made the following trade(s):

• On Tuesday, March 31st, James Huang purchased 1,160,000 shares of Connect Biopharma stock. The stock was purchased at an average price of $3.45 per share, for a total transaction of $4,002,000.00.

Connect Biopharma Price Performance

Shares of Connect Biopharma stock opened at $2.30 on Friday. Connect Biopharma Holdings Limited Sponsored ADR has a one year low of $0.75 and a one year high of $3.82. The stock’s fifty day moving average is $2.61 and its 200 day moving average is $2.59. The stock has a market cap of $144.81 million, a P/E ratio of -2.00 and a beta of -0.22. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.23 and a current ratio of 3.23.

Connect Biopharma (NASDAQ:CNTB) last announced its earnings results on Tuesday, May 12th. The company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.05). The company had revenue of $0.02 million during the quarter. Sell-side analysts anticipate that Connect Biopharma Holdings Limited Sponsored ADR will post -1 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. BTIG Research reaffirmed a “buy” rating and issued a $10.00 target price on shares of Connect Biopharma in a report on Tuesday, March 31st. Canaccord Genuity Group assumed 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. Cantor Fitzgerald assumed coverage on Connect Biopharma in a report on Thursday, May 21st. They issued an “overweight” rating and a $4.00 target price on the stock. Wall Street Zen cut Connect Biopharma from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Connect Biopharma in a report on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $7.20.

Institutional Investors Weigh In On Connect Biopharma

A number of institutional investors and hedge funds have recently bought and sold shares of CNTB. Perceptive Advisors LLC bought a new stake in Connect Biopharma during the fourth quarter valued at about $2,235,000. ADAR1 Capital Management LLC bought a new stake in Connect Biopharma during the first quarter valued at about $1,945,000. Knott David M Jr bought a new stake in Connect Biopharma during the fourth quarter valued at about $564,000. Richmond Brothers Inc. bought a new stake in Connect Biopharma during the fourth quarter valued at about $489,000. Finally, Jane Street Group LLC bought a new stake in Connect Biopharma during the fourth quarter valued at about $232,000. 58.72% of the stock is owned by 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.