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Here’s What you Should Know About Tumbling Premarket Stock of Connect Biopharma Holdings Ltd. (CNTB)

Connect Biopharma Holdings Ltd. (CNTB) is a leading biotherapeutic company engaged in the development of different therapies for auto-immune and chronic inflammatory diseases. One of the lead product candidate of the company is CBP-201 is used in clinical trials for its therapeutic potential against atopic dermatitis, asthma, and chronic rhinosinusitis with nasal polyps. Another candidate product CBP-307 is used to treat Crohn’s disease and ulcerative colitis. CBP-174 is used for treating pruritus.

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The price of CNTB stock during the regular trading on January 4, 2022 was $5.70 with a decline of 3.72%. At last check in the premarket on January 5, 2022, the stock was further down by 7.72%.

CNTB: Events and Happenings

On January 05, 2022, CNTB reported comprehensive constructive data from Phase 2b clinical trial of CBP-201, which was administered subcutaneously to the patients. The detailed results were discussed at the company’s management conference call.

On November 19, 2021, CNTB reported about the completion of full enrollment of the patients for phase 2 clinical trial assessing CBP-307 activity for moderate-to-severe Ulcerative Colitis.

On November 18, 2021, CNTB announced positive topline data from its CBP-201 Phase 2 clinical trials for AD. The results depicted that the protocol had met its prime efficacy endpoint, along with statistically noteworthy progress in reducing the Eczema patches.

On November 11, 2021, CNTB reported that the company’s Executives presented at two healthcare conferences. The conferences include Jefferies London Healthcare Conference on November 18 and Annual 33rd Piper Sandler Healthcare Conference on November 22, 2021.

On October 19, 2021, CNTB reported that the company’s Executives presented at the Virtual Jefferies Healthcare Conference held on October 26, 2021.

CNTB: Key Financials

On August 31, 2021, CNTB reported its financial results for the six months ended June 30, 2021. Some of the key points are as follows

  • Basic and diluted net loss for the six-month period of 2021 was RMB 942.5 million or RMB 20.1 per share as compared to RMB 75.2 million or RMB 4.4 per share for the same period prior year.
  • Total current assets of the company were RMB 1.05 million.

Conclusion

CNTB stock is 23% higher than the past month. Although the company has recently announced the detailed positive data from one of its lead product candidates yet the company’s stock is sinking in the premarket trading due to uncertain market environment. The analysts are predicting rise for the company’s stock which is already in good shape to gain momentum.

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