Connect Biopharma (NASDAQ:CNTB) PT Raised to $8.00

Connect Biopharma (NASDAQ:CNTB) had its target price raised by research analysts at HC Wainwright from $7.00 to $8.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s target price would suggest a potential upside of 400.00% from the stock’s previous close.

Connect Biopharma Stock Performance

CNTB stock traded down $0.13 during mid-day trading on Wednesday, hitting $1.60. 63,396 shares of the company were exchanged, compared to its average volume of 151,611. The firm’s 50 day simple moving average is $1.42 and its 200 day simple moving average is $1.26. Connect Biopharma has a 1-year low of $0.53 and a 1-year high of $2.84.

Hedge Funds Weigh In On Connect Biopharma

Several institutional investors and hedge funds have recently modified their holdings of CNTB. BlackRock Inc. lifted its holdings in shares of Connect Biopharma by 4.3% in the 1st quarter. BlackRock Inc. now owns 2,236,392 shares of the company’s stock worth $6,755,000 after purchasing an additional 92,632 shares in the last quarter. Invesco Ltd. grew its stake in shares of Connect Biopharma by 135.9% in the first quarter. Invesco Ltd. now owns 60,449 shares of the company’s stock worth $183,000 after acquiring an additional 34,820 shares during the last quarter. Vident Investment Advisory LLC purchased a new stake in shares of Connect Biopharma in the first quarter worth $55,000. Woodline Partners LP purchased a new stake in shares of Connect Biopharma in the first quarter worth $132,000. Finally, UBS Group AG lifted its holdings in shares of Connect Biopharma by 5,552.1% during the second quarter. UBS Group AG now owns 105,185 shares of the company’s stock valued at $91,000 after purchasing an additional 103,324 shares in the last quarter. 58.72% of the stock is currently owned by institutional investors and hedge funds.

About Connect Biopharma

Connect Biopharma Holdings Limited, a clinical-stage biopharmaceutical company, focuses on developing therapies to treat 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.