Connect Biopharma (NASDAQ:CNTB) Announces Earnings Results, Misses Estimates By $0.07 EPS
Connect Biopharma (NASDAQ:CNTB) reported a quarterly earnings per share (EPS) of ($0.31), missing analysts' estimates by $0.07. Despite the earnings miss, the stock traded up 4.3% to $1.59. The company has a market cap of $88.32 million and a P/E ratio of -3.77. Analysts have mixed ratings on the stock, with a consensus target price of $7.00. Institutional investors, including XTX Topco Ltd, hold 58.72% of the stock.
Connect Biopharma (NASDAQ:CNTB - Get Free Report) issued its quarterly earnings results on Wednesday. The company reported ($0.31) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.07), Zacks reports.
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Connect Biopharma Trading Up 4.3%
CNTB traded up $0.07 on Wednesday, hitting $1.59. The company had a trading volume of 167,832 shares, compared to its average volume of 110,888. The company has a current ratio of 7.24, a quick ratio of 7.24 and a debt-to-equity ratio of 0.01. The firm has a market cap of $88.32 million, a P/E ratio of -3.77 and a beta of -0.14. The company's fifty day moving average price is $1.66 and its 200 day moving average price is $1.45. Connect Biopharma has a 1 year low of $0.51 and a 1 year high of $2.86.
Wall Street Analysts Forecast Growth
CNTB has been the subject of several research analyst reports. Wall Street Zen raised shares of Connect Biopharma to a "hold" rating in a research note on Friday, August 22nd. HC Wainwright reissued a "buy" rating and issued a $7.00 price objective on shares of Connect Biopharma in a research report on Wednesday, August 13th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Connect Biopharma in a research note on Wednesday, October 8th. BTIG Research initiated coverage on Connect Biopharma in a research report on Friday, October 31st. They set a "buy" rating for the company. Finally, Northland Capmk raised shares of Connect Biopharma to a "strong-buy" rating in a research report on Tuesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $7.00.
Read Our Latest Research Report on CNTB
Hedge Funds Weigh In On Connect Biopharma
An institutional investor recently bought a new position in Connect Biopharma stock. XTX Topco Ltd purchased a new position in shares of Connect Biopharma Holdings Limited Sponsored ADR (NASDAQ:CNTB - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 28,862 shares of the company's stock, valued at approximately $29,000. XTX Topco Ltd owned approximately 0.05% of Connect Biopharma as of its most recent SEC filing. 58.72% of the stock is currently owned by hedge funds and other institutional investors.
Connect Biopharma Company Profile
(Get Free Report)Connect Biopharma Holdings Limited, a clinical-stage biopharmaceutical company, engages in the development of therapies for the treatment of T cell-driven inflammatory diseases. The company is building a pipeline of small molecules and antibodies using functional T cell assays to screen and discover potent product candidates against validated immune targets.
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