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Investing.com - Northland has reiterated its Outperform rating on Connect Biopharma Holdings Ltd (NASDAQ:CNTB), maintaining its price target of $7.50 per share. The stock has shown remarkable momentum, surging 37% in the past week and 45% year-to-date, according to InvestingPro data.
The research firm’s continued positive outlook comes as Connect Biopharma progresses with its pipeline of treatments for inflammatory and autoimmune diseases.
Connect Biopharma, a clinical-stage biopharmaceutical company, focuses on developing therapies for T cell-driven inflammatory diseases.
The company’s lead drug candidate, CBP-201, is being developed for the treatment of atopic dermatitis and other inflammatory conditions.
The maintained price target of $7.50 represents potential upside from the stock’s current trading levels.
In other recent news, Connect Biopharma Holdings Limited has announced several key developments. The company reported it has regained compliance with Nasdaq’s minimum bid price rule, maintaining a closing bid price of at least $1.00 for 10 consecutive business days. Additionally, Connect Biopharma plans to terminate its American Depositary Receipts (ADR) program, transitioning to directly list its ordinary shares on the Nasdaq Global Market by September 2, 2025. The ADRs will be canceled and exchanged for ordinary shares on a one-for-one basis. In a strategic move, Connect Biopharma has also expanded its board of directors by appointing Jim Schoeneck, bringing his extensive experience in the pharmaceutical and biotechnology sectors to the company. Schoeneck’s appointment was recommended by the company’s Nominating and Corporate Governance Committee. These developments are part of Connect Biopharma’s ongoing efforts to strengthen its corporate governance and market presence.
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