Octagon Capital Advisors LP recently announced the acquisition of new stake in Connect Biopharma Holdings Limited (NASDAQ:CNTB). This fresh investment now brings its stake to 0.82% valued currently at $0.39 million.
With over 0.15 million Connect Biopharma Holdings Limited (CNTB) shares trading Tuesday and a closing price of $1.25 on the day, the dollar volume was approximately $0.19 million. The shares have shown a positive half year performance of 52.38% and its price on 01/24/23 gained nearly 11.61%. Currently, there are 55.02M common shares owned by the public and among those 47.05M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 2 analysts who have offered their price forecasts for CNTB have a consensus price objective of $23.70. The analysts have set the share’s price value over the next 12 months at a high of $34.85 and a low of $12.54. The average price target is 78.03% above its recent price level and an upside to the estimated low will see the stock gain 90.03% over that period. But an upside of 96.41% will see the stock hit the forecast high price target while median target price for the stock is $23.70.
The top 3 mutual fund holders in Connect Biopharma Holdings Limited are BlackRock Health Sciences Trust I, Fidelity Nasdaq Composite Index F, and Balaguer 98 de Inversiones, SICAV. BlackRock Health Sciences Trust I owns 1.13 million shares of the company’s stock, all valued at over $0.98 million. Balaguer 98 de Inversiones, SICAV bought 30.0 shares to bring its total holdings to over 14993.0 shares at a value of $13014.0. Balaguer 98 de Inversiones, SICAV now owns shares totaling to 0.03% of the shares outstanding.
Shares of Connect Biopharma Holdings Limited (NASDAQ: CNTB) opened at $1.09, down -$0.03 from a prior closing price of $1.12. However, the script later moved the day high at 1.2900, up 11.61%. The company’s stock has a 5-day price change of 25.00% and 36.64% over the past three months. CNTB shares are trading 44.04% year to date (YTD), with the 12-month market performance down to -74.49% lower. It has a 12-month low price of $0.56 and touched a high of $5.10 over the same period. CNTB has an average intraday trading volume of 48.00K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 39.02%, 55.65%, and 11.54% respectively.
Institutional ownership of Connect Biopharma Holdings Limited (NASDAQ: CNTB) shares accounts for 28.56% of the company’s 55.02M shares outstanding. Mutual fund holders own 2.14%, while other institutional holders and individual stakeholders account for 21.05% and — respectively.
It has a market capitalization of $67.52M. The earnings-per-share (ttm) stands at -$3.74. Price movements for the stock have been influenced by the stock’s volatility, which stands at 15.78% over the week and 10.33% over the month.
Analysts forecast that Connect Biopharma Holdings Limited (CNTB) will achieve an EPS of $0 for the current quarter, $0 for the next quarter and -$2.09 for 2022. The lowest estimate earnings-per-share for the quarter is $0 while analysts give the company a high EPS estimate of $0.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 2 brokerage firm advisors rate Connect Biopharma Holdings Limited (CNTB) as a “Strong Buy” at a consensus score of 1.70. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 1 of the 2 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the CNTB, a number of firms have released research notes about the stock. SVB Leerink stated their Outperform rating for the stock in a research note on April 13, 2021, with the firm’s price target at $32.