Connect Biopharma (NASDAQ:CNTB) Stock Price Down 2%

Shares of Connect Biopharma Holdings Limited (NASDAQ:CNTBGet Rating) dropped 2% during mid-day trading on Tuesday . The company traded as low as $0.80 and last traded at $0.80. Approximately 117,506 shares changed hands during trading, a decline of 60% from the average daily volume of 291,173 shares. The stock had previously closed at $0.82.

Wall Street Analysts Forecast Growth

CNTB has been the topic of a number of research reports. SVB Leerink initiated coverage on shares of Connect Biopharma in a research report on Friday, April 1st. They set a “buy” rating and a $22.00 target price on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Connect Biopharma in a research report on Thursday, June 2nd. Finally, Piper Sandler lowered shares of Connect Biopharma from an “overweight” rating to a “neutral” rating in a research report on Thursday, May 5th.

Connect Biopharma Stock Down 1.2 %

The company’s fifty day simple moving average is $0.85 and its 200-day simple moving average is $2.52.

Institutional Investors Weigh In On Connect Biopharma

Institutional investors and hedge funds have recently bought and sold shares of the business. Vident Investment Advisory LLC bought a new stake in Connect Biopharma in the 1st quarter valued at $55,000. Ensign Peak Advisors Inc acquired a new stake in shares of Connect Biopharma in the 4th quarter valued at $131,000. Woodline Partners LP acquired a new stake in shares of Connect Biopharma in the 1st quarter valued at $132,000. Invesco Ltd. boosted its stake in shares of Connect Biopharma by 135.9% in the 1st quarter. Invesco Ltd. now owns 60,449 shares of the company’s stock valued at $183,000 after purchasing an additional 34,820 shares in the last quarter. Finally, DLD Asset Management LP acquired a new stake in shares of Connect Biopharma in the 4th quarter valued at $627,000. Institutional investors own 34.21% of the company’s stock.

Connect Biopharma Company Profile

(Get Rating)

Connect Biopharma Holdings Limited, a clinical-stage biopharmaceutical company, focuses on the discovery and development of immune modulators for the treatment of serious autoimmune diseases and inflammation. The company's lead product candidate is CBP-201, an anti-interleukin-4 receptor alpha antibody, which is in Phase IIb clinical trial for the treatment of inflammatory allergic diseases, such as atopic dermatitis, asthma, and chronic rhinosinusitis with nasal polyps.

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