Connect Biopharma (NASDAQ:CNTB) Price Target Raised to $8.00 at HC Wainwright

Connect Biopharma (NASDAQ:CNTB) had its target price upped by research analysts at HC Wainwright from $7.00 to $8.00 in a report released on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s price target would suggest a potential upside of 426.32% from the company’s previous close.

Connect Biopharma Stock Down 1.9 %

Shares of CNTB opened at $1.52 on Wednesday. The stock has a 50 day moving average price of $1.44 and a 200 day moving average price of $1.27. Connect Biopharma has a 52-week low of $0.53 and a 52-week high of $2.84.

Hedge Funds Weigh In On Connect Biopharma

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vident Investment Advisory LLC acquired a new position in Connect Biopharma in the first quarter valued at approximately $55,000. Renaissance Technologies LLC lifted its stake in Connect Biopharma by 184.7% in the second quarter. Renaissance Technologies LLC now owns 66,900 shares of the company’s stock valued at $58,000 after buying an additional 43,400 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Connect Biopharma by 1,312.7% in the first quarter. JPMorgan Chase & Co. now owns 78,547 shares of the company’s stock valued at $79,000 after buying an additional 72,987 shares during the last quarter. UBS Group AG lifted its stake in Connect Biopharma by 5,552.1% in the second quarter. UBS Group AG now owns 105,185 shares of the company’s stock valued at $91,000 after buying an additional 103,324 shares during the last quarter. Finally, Woodline Partners LP purchased a new stake in Connect Biopharma in the first quarter valued at approximately $132,000. 58.72% of the stock is owned by institutional investors and hedge funds.

Connect Biopharma Company Profile

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.