Connect Biopharma (NASDAQ:CNTB) Releases Earnings Results, Beats Estimates By $0.04 EPS

Connect Biopharma (NASDAQ:CNTB) issued its quarterly earnings data on Wednesday. The company reported ($0.27) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.04, Zacks reports. The company had revenue of $2.75 million for the quarter, compared to the consensus estimate of $0.74 million.

Connect Biopharma Stock Down 4.1%

Shares of CNTB stock traded down $0.10 on Friday, hitting $2.44. The company’s stock had a trading volume of 11,458 shares, compared to its average volume of 285,133. The firm’s fifty day moving average price is $2.21 and its 200-day moving average price is $2.48. Connect Biopharma has a fifty-two week low of $1.23 and a fifty-two week high of $3.82. The stock has a market capitalization of $153.31 million, a price-to-earnings ratio of -2.03 and a beta of -0.23. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.23 and a quick ratio of 3.23.

Insider Activity at Connect Biopharma

In other Connect Biopharma news, Director James Huang bought 150,000 shares of the firm’s stock in a transaction dated Friday, May 29th. The shares were acquired at an average cost of $2.48 per share, for a total transaction of $372,000.00. Following the transaction, 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 acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 22.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Perceptive Advisors LLC bought a new stake in shares of Connect Biopharma in the 4th quarter worth about $2,235,000. OMERS ADMINISTRATION Corp acquired a new stake in shares of Connect Biopharma during the fourth quarter worth approximately $228,000. Marshall Wace LLP raised its stake in shares of Connect Biopharma by 121.2% in the fourth quarter. Marshall Wace LLP now owns 128,368 shares of the company’s stock valued at $362,000 after acquiring an additional 70,337 shares during the last quarter. Jane Street Group LLC bought a new stake in Connect Biopharma during the 4th quarter worth approximately $232,000. Finally, Knott David M Jr bought a new stake in Connect Biopharma during the 4th quarter worth approximately $564,000. 58.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CNTB has been the topic of a number of recent analyst reports. Cantor Fitzgerald began coverage on shares of Connect Biopharma in a research report on Thursday, May 21st. They set an “overweight” rating and a $4.00 price target on the stock. Oppenheimer started coverage on shares of Connect Biopharma in a research note on Thursday, July 9th. They set an “outperform” rating and a $8.00 price objective on the stock. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of Connect Biopharma in a report on Thursday, June 25th. Weiss Ratings lowered Connect Biopharma from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, June 30th. Finally, Piper Sandler began coverage on Connect Biopharma in a research report on Friday, June 26th. They set an “overweight” rating and a $7.00 price target on the stock. Seven research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus 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.