Connect Biopharma Holdings Limited [CNTB] fell -80.77% so far this year. What now?


Connect Biopharma Holdings Limited [NASDAQ: CNTB] traded at a high on 06/29/22, posting a 8.83 gain after which it closed the day’ session at $0.99. The company report on June 17, 2022 that Connect Biopharma Announces Receipt of NASDAQ Deficiency Notice Regarding Minimum Bid Price Requirement.

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Connect Biopharma Holdings Limited (Nasdaq: CNTB) (“Connect Biopharma” or the “Company”) announced on June 16, 2022, Connect Biopharma Holdings Limited received a letter from the Listings Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) indicating that, for the last thirty consecutive business days, the bid price for the Company’s American Depositary Shares (“ADSs”) had closed below the minimum $1.00 per share requirement for continued listing on the Nasdaq Global Market under Nasdaq Listing Rule 5550(a)(2).

In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial period of 180 calendar days, or until December 13, 2022, to regain compliance. The letter states that the Nasdaq staff will provide written notification that the Company has achieved compliance with Rule 5550(a)(2) if at any time before December 13, 2022, the bid price of the Company’s ADSs closes at $1.00 per share or more for a minimum of ten consecutive business days. The Nasdaq letter is only a notification of deficiency and has no immediate effect on the listing or trading of the Company’s ADSs and the ADSs will continue to trade on the Nasdaq Global Market under the symbol “CNTB.”.

The results of the trading session contributed to over 6209754 shares changing hands. Over the past one week, the price volatility of Connect Biopharma Holdings Limited stands at 11.80% while the volatility over the past one month is 11.26%.

The market cap for CNTB stock reached $56.94 million, with 57.48 million shares outstanding and 18.67 million shares in the current float. Compared to the average trading volume of 280.06K shares, CNTB reached a trading volume of 6209754 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Connect Biopharma Holdings Limited [CNTB]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CNTB shares is $11.10 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CNTB stock is a recommendation set at 1.70. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

SVB Leerink have made an estimate for Connect Biopharma Holdings Limited shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on April 13, 2021. While these analysts kept the previous recommendation, Piper Sandler raised their target price to Overweight. The new note on the price target was released on April 13, 2021, representing the official price target for Connect Biopharma Holdings Limited stock. Previously, the target price had yet another raise to $27, while Jefferies analysts kept a Buy rating on CNTB stock.

The Average True Range (ATR) for Connect Biopharma Holdings Limited is set at 0.10 The Price to Book ratio for the last quarter was 0.03.

How has CNTB stock performed recently?

Connect Biopharma Holdings Limited [CNTB] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 13.97. With this latest performance, CNTB shares gained by 16.53% in over the last four-week period, additionally sinking by -76.80% over the last 6 months – not to mention a drop of -94.92% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CNTB stock in for the last two-week period is set at 54.30, with the RSI for the last a single of trading hit 70.58, and the three-weeks RSI is set at 44.68 for Connect Biopharma Holdings Limited [CNTB]. The present Moving Average for the last 50 days of trading for this stock 1.1536, while it was recorded at 0.9151 for the last single week of trading, and 6.7404 for the last 200 days.

Connect Biopharma Holdings Limited [CNTB]: Deeper insight into the fundamentals

Return on Equity for this stock declined to -350.47, with Return on Assets sitting at -88.67.

Insider trade positions for Connect Biopharma Holdings Limited [CNTB]

There are presently around $16 million, or 30.08% of CNTB stock, in the hands of institutional investors. The top three institutional holders of CNTB stocks are: RA CAPITAL MANAGEMENT, L.P. with ownership of 6,991,003, which is approximately 0% of the company’s market cap and around 14.45% of the total institutional ownership; FMR LLC, holding 2,283,269 shares of the stock with an approximate value of $2.08 million in CNTB stocks shares; and BLACKROCK INC., currently with $2.04 million in CNTB stock with ownership of nearly 4.321% of the company’s market capitalization.

Positions in Connect Biopharma Holdings Limited stocks held by institutional investors increased at the end of June and at the time of the June reporting period, where 21 institutional holders increased their position in Connect Biopharma Holdings Limited [NASDAQ:CNTB] by around 3,228,959 shares. Additionally, 15 investors decreased positions by around 2,488,330 shares, while 2 investors held positions by with 11,990,153 shares. The mentioned changes placed institutional holdings at 17,707,442 shares, according to the latest SEC report filing. CNTB stock had 9 new institutional investments in for a total of 1,241,378 shares, while 10 institutional investors sold positions of 1,339,408 shares during the same period.