H.C. Wainwright reiterates Buy on Connect Biopharma stock at $7

H.C. Wainwright has reaffirmed its Buy rating and set a price target of $7.00 for Connect Biopharma Holdings Ltd (NASDAQ:CNTB) after reviewing the results of the company's Phase 2 Seabreeze STAT asthma trial. The trial did not meet statistical significance for the treatment-failure primary endpoint, but the drug rademikibart still demonstrated a rapid, statistically significant, and clinically meaningful improvement in lung function.

However, the study fell short of having a clean dataset, which may have left investors with a lower expectation. Despite this, H.C. Wainwright believes the Seabreeze trial does not raise any significant concerns about rademikibart's efficacy or safety. The company's rademikibart is currently valued at $78.1 million with a price target ranging from $4 to $10 according to InvestingPro analysis.

Connect Biopharma is also expected to release COPD data later this month and is awaiting FDA agreement on an acute-asthma endpoint, which H.C. Wainwright considers a potential catalyst. Other analysts, such as Canaccord and Oppenheimer, have also maintained their Buy or Outperform ratings with price targets between $6 and $8 for Connect Biopharma.