Key Points
- Director James Huang bought 150,000 Connect Biopharma shares on May 29 at an average price of $2.48, spending $372,000. After the purchase, he owned 13.31 million shares, a 1.14% increase in his position.
- Connect Biopharma recently reported a wider-than-expected loss for its latest quarter, posting EPS of -$0.34 versus the -$0.29 consensus estimate, on just $0.02 million in revenue.
- Analyst sentiment remains mixed but generally positive, with a consensus rating of “Moderate Buy” and a consensus price target of $7.20, despite a few sell ratings.
Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB - Get Free Report) Director James Huang purchased 150,000 shares of the company's stock in a transaction on Friday, May 29th. The shares were bought at an average cost of $2.48 per share, with a total value of $372,000.00. Following the transaction, the director directly owned 13,310,000 shares of the company's stock, valued at $33,008,800. This represents a 1.14% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website.
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 shares were bought at an average cost of $3.45 per share, with a total value of $4,002,000.00.
Connect Biopharma Stock Performance
Connect Biopharma stock opened at $2.15 on Wednesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.23 and a current ratio of 3.23. The stock has a fifty day moving average of $2.65 and a two-hundred day moving average of $2.58. The company has a market capitalization of $135.36 million, a price-to-earnings ratio of -1.87 and a beta of -0.22. Connect Biopharma Holdings Limited Sponsored ADR has a fifty-two week low of $0.73 and a fifty-two week high of $3.82.
Connect Biopharma (NASDAQ:CNTB - Get Free Report) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.05). The business had revenue of $0.02 million during the quarter. On average, analysts anticipate that Connect Biopharma Holdings Limited Sponsored ADR will post -1 EPS 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. Perceptive Advisors LLC acquired a new stake in shares of Connect Biopharma during the fourth quarter worth $2,235,000. ADAR1 Capital Management LLC acquired a new stake in shares of Connect Biopharma during the first quarter worth $1,945,000. Knott David M Jr boosted 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 worth $1,016,000 after purchasing an additional 187,835 shares during the last quarter. Richmond Brothers Inc. acquired a new stake in shares of Connect Biopharma during the fourth quarter worth $489,000. Finally, Marshall Wace LLP boosted its holdings in shares of Connect Biopharma by 121.2% during the fourth quarter. Marshall Wace LLP now owns 128,368 shares of the company's stock worth $362,000 after purchasing an additional 70,337 shares during the last quarter. Institutional investors and hedge funds own 58.72% of the company's stock.
Analyst Upgrades and Downgrades
Several equities analysts have weighed in on the company. Canaccord Genuity Group assumed coverage on Connect Biopharma in a research report on Tuesday, May 26th. They set a "buy" rating and a $6.00 price target for the company. Cantor Fitzgerald assumed coverage on Connect Biopharma in a research report on Thursday, May 21st. They set an "overweight" rating and a $4.00 price target for the company. BTIG Research reissued a "buy" rating and set a $10.00 price target on shares of Connect Biopharma in a research report on Tuesday, March 31st. Wall Street Zen downgraded Connect Biopharma from a "hold" rating to a "sell" rating in a research report on Saturday, May 16th. Finally, Weiss Ratings restated a "sell (d)" rating on shares of Connect Biopharma in a report on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Connect Biopharma currently has a consensus rating of "Moderate Buy" and a consensus price target of $7.20.
View Our Latest Stock Analysis on CNTB
About Connect Biopharma
(
Get Free Report)
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.
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