Connect Biopharma Holdings Limited [NASDAQ: CNTB] gained 23.48% or 0.31 points to close at $1.63 with a heavy trading volume of 6916542 shares. The company report on July 11, 2022 that Connect Moves Forward CBP-201 Top-Line Results Timeline for Pivotal China Atopic Dermatitis Trial to Second Half 2022.
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— Connect to Evaluate Efficacy and Safety Data on 255 Patients Already Enrolled —.
— Expected Timing for Potential NDA Approval in China Remains Unchanged and is Targeted for 2025 —.
It opened the trading session at $1.34, the shares rose to $2.08 and dropped to $1.31, the range by which the price of stock traded the whole day. The daily chart for CNTB points out that the company has recorded -67.00% loss over the past six months. However, it is still -191.07% lower than its most recent low trading price.
If we look at the average trading volume of 344.92K shares, CNTB reached to a volume of 6916542 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying 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 $7.12 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 0.14 The Price to Book ratio for the last quarter was 0.05.
Trading performance analysis for CNTB stock
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 93.11. With this latest performance, CNTB shares gained by 87.36% in over the last four-week period, additionally sinking by -67.00% over the last 6 months – not to mention a drop of -92.49% 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 84.17, with the RSI for the last a single of trading hit 90.91, and the three-weeks RSI is set at 74.69 for Connect Biopharma Holdings Limited [CNTB]. The present Moving Average for the last 50 days of trading for this stock 0.8850, while it was recorded at 1.2160 for the last single week of trading, and 4.1379 for the last 200 days.
An analysis of insider ownership at Connect Biopharma Holdings Limited [CNTB]
There are presently around $29 million, or 32.63% 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 $3.72 million in CNTB stocks shares; and BLACKROCK INC., currently with $3.65 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 August and at the time of the August reporting period, where 22 institutional holders increased their position in Connect Biopharma Holdings Limited [NASDAQ:CNTB] by around 3,230,022 shares. Additionally, 13 investors decreased positions by around 2,480,298 shares, while 2 investors held positions by with 11,996,930 shares. The mentioned changes placed institutional holdings at 17,707,250 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 1,340,657 shares during the same period.