Connect Biopharma Initiates Coverage at Outperform with $7.50 Price Target

Northland analyst Carl Byrnes initiates coverage of Connect Biopharma with an Outperform rating and $7.50 price target, citing the lead candidate rademikibart as the first biologic for acute exacerbations in asthma and COPD. Byrnes expects topline data from Phase 2 studies in H1 2026 and sees peak sales potential exceeding $5B.

Connect Biopharma Holdings Limited (Nasdaq: CNTB) has announced plans to terminate its American Depositary Receipt (ADR) program and directly list ordinary shares on the Nasdaq Global Market. The company aims to enhance institutional visibility, minimize depositary fees, and broaden its investor base [1].

The termination of the ADR program is scheduled to occur on or about September 2, 2025. Following this termination, ADRs will be mandatorily canceled and exchanged for ordinary shares at a one-for-one ratio. The company plans to list its ordinary shares on Nasdaq under the symbol "CNTB" immediately following the termination [1].

The move is part of Connect Biopharma's strategy to become a U.S.-centric organization and align its stock with the U.S. market. The company believes this shift will improve its visibility among institutional investors and eliminate ADR depositary fees, thereby strengthening its financial position [1].

Northland analyst Carl Byrnes has initiated coverage of Connect Biopharma with an Outperform rating and a $7.50 price target. Byrnes cited the lead candidate rademikibart as the first biologic for acute exacerbations in asthma and COPD. He expects topline data from Phase 2 studies in H1 2026 and sees peak sales potential exceeding $5B [2].

References:
[1] https://www.nasdaq.com/articles/connect-biopharma-terminate-adr-program-and-list-ordinary-shares-nasdaq
[2] https://www.nasdaq.com/articles/northland-analyst-carl-byrnes-initiates-coverage-of-connect-biopharma-with-outperform-rating-and-price-target