Shares of the Connect Biopharma Holdings Limited (CNTB) stock were gloomy in the current market trading session today on January 5, 2022. CNTB stock price saw a downtrend of 8.25% to drop at $5.23 a share at the time of this writing. The stock was also gloomy in the previous trade and went down by 3.72% at closing.
Connect Biopharma Holdings Limited is a clinical-stage biopharmaceutical company based in Taicang, China. The company discovers and develops immune modulators in order to treat serious autoimmune diseases and inflammation. CNTB stock has a current market value of $327.65 million and a 373,677 average trading volume. Let’s dig in to understand the reason behind the current fall.
What’s Happening?
Connect Biopharma today announced positive detailed data from the phase global Phase 2b clinical trial of CBP-201. The study team evaluated the CBP-201 in adults patients suffering from moderate to severe atopic dermatitis. The data from the results suggest that CBP-201 has shown favorable safety data and is in line with the efficacy expectations.
The topline results from the phase 2b trial indicate that all three CBP-201 arms met the primary endpoint and were statistically superior to placebo. The recently reported results meet the expectations, even then the per-share price of the CNTB stock is declining in the current market today.
New Appointment by CNTB stock
On November 22, 2021, the company announced that it had appointed Mr. Steven Chan as Chief Financial Officer of the company. Mr. Steven has profound experience of more than 25 years in financial leadership. He worked across many industry sectors that include biotechnology, healthcare, financial services, consumer products, and manufacturing.
CBP-307 Global Phase 2 Clinical Trial:
In the Global Phase 2 Clinical Trial of CBP-307, the company is evaluating adult patients suffering from moderate-to-severe Ulcerative Colitis. The purpose of the trial is to evaluate the safety and efficacy of CBP-307 in 134 subjects. Connect Biopharma on November 19, 2021, did announce that it had completed the enrollment of the concerned trial. This indicates that the company’s clinical developments are progressing which is a good sign for the shareholders of CNTB stock.
Wrap Up:
CNTB stock is gloomy despite positive results from the phase 2b clinical trial of CBP-201. Investors eying this stock need to do deep research before making any decision.
