BTIG Research Cuts Connect Biopharma (NASDAQ:CNTB) Price Target to $5.00

Connect Biopharma (NASDAQ:CNTB) had its price objective cut by BTIG Research to $5.00 in a report released on Wednesday morning, Marketbeat.com reports. They currently have a buy rating on the stock.

Several other analysts also recently weighed in on CNTB. Canaccord Genuity Group reduced their target price on Connect Biopharma from $7.00 to $6.00 and set a “buy” rating for the company in a report on Wednesday, September 16th. Oppenheimer dropped their price target on Connect Biopharma to $5.00 and set an “outperform” rating on the stock in a research note on Tuesday, September 22nd. Piper Sandler assumed 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. Weiss Ratings upgraded Connect Biopharma from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, September 24th. Finally, HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of Connect Biopharma in a report on Monday, September 14th. Seven analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $6.14.

Connect Biopharma Price Performance

Shares of NASDAQ:CNTB opened at $0.93 on Wednesday. The company’s fifty day moving average price is $1.90 and its 200 day moving average price is $2.28. Connect Biopharma has a 12 month low of $0.89 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 has a market capitalization of $58.37 million, a P/E ratio of -0.78 and a beta of -0.16.

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

Institutional Investors Weigh In On Connect Biopharma

Several hedge funds have recently made changes to their positions in the business. ADAR1 Capital Management LLC acquired a new position in Connect Biopharma in the 1st quarter valued at about $1,945,000. Knott David M Jr lifted 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 worth $1,016,000 after acquiring an additional 187,835 shares during the period. Richmond Brothers Inc. acquired a new stake in Connect Biopharma during the 4th quarter worth approximately $489,000. Simplify Asset Management Inc. purchased a new position in shares of Connect Biopharma in the 1st quarter valued at approximately $135,000. Finally, Bank of America Corp DE purchased a new position in shares of Connect Biopharma in the 1st quarter valued at approximately $41,000. Institutional investors and hedge funds own 58.72% of the company’s stock.

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.