Connect Biopharma (NASDAQ:CNTB) Trading 11.7% Higher

Connect Biopharma Holdings Limited (NASDAQ:CNTB)’s stock price traded up 11.7% during mid-day trading on Thursday . The company traded as high as $17.12 and last traded at $17.12. 1,264 shares changed hands during mid-day trading, a decline of 98% from the average session volume of 52,749 shares. The stock had previously closed at $15.33.

Separately, CICC Research assumed coverage on Connect Biopharma in a research note on Friday, July 2nd. They issued an “outperform” rating and a $27.00 price target on the stock.

The stock has a 50 day simple moving average of $22.18 and a two-hundred day simple moving average of $19.63.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CNTB. Citigroup Inc. acquired a new position in Connect Biopharma during the second quarter worth $28,000. DAFNA Capital Management LLC acquired a new position in Connect Biopharma during the first quarter worth $148,000. Zimmer Partners LP acquired a new position in Connect Biopharma during the first quarter worth $185,000. Point72 Hong Kong Ltd acquired a new position in Connect Biopharma during the first quarter worth $193,000. Finally, Millennium Management LLC acquired a new position in Connect Biopharma during the first quarter worth $205,000. 33.17% of the stock is currently owned by institutional investors.

Connect Biopharma Company Profile (NASDAQ:CNTB)

Connect Biopharma Holdings Limited, a clinical-stage biopharmaceutical company, focuses on the discovery and development of immune modulators for the treatment of serious autoimmune diseases and inflammation. The company's lead product candidate is CBP-201, an anti-interleukin-4 receptor alpha antibody, which is in Phase IIb clinical trial for the treatment of inflammatory allergic diseases, such as atopic dermatitis, asthma, and chronic rhinosinusitis with nasal polyps.

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