Connect Biopharma (NASDAQ:CNTB) Stock Rated Outperform in New Coverage at Leerink Partners

Leerink Partners started coverage on shares of Connect Biopharma (NASDAQ:CNTB) in a report published on Monday morning, MarketBeat reports. The brokerage issued an outperform rating and a $4.00 price objective on the stock.

A number of other equities research analysts also recently weighed in on the company. BTIG Research lowered their price target on Connect Biopharma to $5.00 and set a “buy” rating for the company in a report on Wednesday, September 30th. Piper Sandler began coverage on Connect Biopharma in a research note on Friday, June 26th. They set an “overweight” rating and a $7.00 price objective on the stock. HC Wainwright restated a “buy” rating on shares of Connect Biopharma in a research note on Thursday, October 8th. Canaccord Genuity Group decreased 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. Finally, Oppenheimer lowered 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. Eight equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Connect Biopharma has a consensus rating of “Moderate Buy” and an average price target of $5.88.

Connect Biopharma Stock Down 1.1%

NASDAQ:CNTB opened at $0.91 on Monday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.37 and a current ratio of 2.37. The company has a market capitalization of $57.24 million, a price-to-earnings ratio of -0.76 and a beta of -0.16. Connect Biopharma has a one year low of $0.85 and a one year high of $3.82. The stock has a 50-day simple moving average of $1.71 and a 200 day simple moving average of $2.15.

Connect Biopharma (NASDAQ:CNTB) last announced 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 firm had revenue of $2.75 million for the quarter, compared to analyst estimates of $0.74 million. Sell-side analysts predict that Connect Biopharma will post -1.09 EPS for the current fiscal year.

Hedge Funds Weigh In On Connect Biopharma

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

Connect Biopharma Company Profile

Connect Biopharma Corp. is a clinical-stage biopharmaceutical company focused on developing therapies for chronic inflammatory diseases driven by T-cell activity. The company uses its drug-discovery platform to identify and advance small-molecule and antibody-based treatments intended to selectively regulate immune responses while limiting broader immunosuppression.

Its pipeline has included ropsacitinib, formerly known as CBP-307, an oral selective sphingosine-1-phosphate receptor 1 modulator investigated for inflammatory bowel diseases such as ulcerative colitis and Crohn’s disease.