Connect Biopharma Holdings Limited (CNTB) stock plummeted on Thursday but Why?

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ESTC Stock
ESTC Stock

Connect Biopharma Holdings Limited (CNTB) shares declined 24.86% in after-hours on Thursday, November 18, 2021, and closed at $9.10. Even in the regular trading session, CNTB’s stock lost 1.22%. The stock volume remained 0.64 million shares. CNTB shares have moved down 15.73% in the past week. Over the past three months, the stock has lost 45.67%, while over the past six months, it has plunged 22.07%.

Let’s have a brief look at its recent news and developments.


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Top-Line Results of CNTB CBP-201

On November 18, 2021, Connect Biopharma Holdings Limited (CNTB) reported positive topline results from the global Phase 2 clinical trial of CBP-201 administered subcutaneously (SC) to adult patients with moderate-to-severe atopic dermatitis (AD).

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The trial met its primary and secondary efficacy endpoint, with statistically significant improvements in the percentage reduction in the Eczema Area and Severity Index (EASI) score from baseline to Week 16.

The global Phase 2 clinical trial enrolled 226 patients (ages 18–75 years) throughout the United States, China, Australia, and New Zealand.

CNTB participation in the recent & upcoming events

Connect Biopharma Holdings Limited will participate in a fireside at the 33rd Annual Piper Sandler Healthcare Conference which is to be held on November 22 at 10:00 a.m. ET. The company will be presented by Dr. Zheng Wei, Co-Founder & CEO, and Dr Selwyn Ho, Chief Business Officer during the event.

CNTB participated in a fireside at Jefferies London Healthcare Conference which was held on November 18, 2021.

The company also participated in a fireside chat at the Jefferies Virtual Healthcare Conference which was held on Tuesday, October 26, 2021.

CNTB latest financial results

On August 31, 2021, Connect Biopharma Holdings Limited (CNTB) announced financial results for the six months ended June 30, 2021.

First Half 2021 Financial Highlights

  • There was no revenue reported in the first half of 2021.
  • Research and development expenses were RMB 217.8 million (USD 33.7 million) for the six months ended June 30, 2021, compared to RMB 59.0 million in the same period in 2020.
  • General and Administrative expenses were RMB 48.0 million (USD 7.4 million) for the six months ended June 30, 2021, compared to RMB 7.1 million in the same period in 2020.
  • CNTB suffered a net loss of RMB 942.5 million (USD 145.9 million) for the six months ended June 30, 2021, compared to RMB 75.2 million in the same period in 2020.

Conclusion

Well, we have positive news but its plummeting on Thursday is strange because due to topline results of CBP-201, it should have surged. We hope that it will return towards positivity on Friday.

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