AEterna Zentaris Inc. (USA) (NASDAQ:AEZS) announced that its licensee, Sinopharm A-Think Pharmaceuticals Co., Ltd. (“Sinopharm A-Think”), which is affiliated with the largest state-owned pharmaceutical company in the People’s Republic of China, today submitted an Investigational New Drug application (“IND”) for Zoptrex™ to the Chinese State Food and Drug Administration (“CFDA”), remaining on track to commence its clinical program during the first half of 2017.
The IND submission follows Sinopharm A-Think’s recent implementation of the processes for manufacturing Zoptrex™, which will enable it to commence its clinical program with product manufactured locally. Dr. Richard Sachse, Senior Vice President and Chief Medical and Scientific Officer of the Company, stated, “The Company’s Frankfurt-based personnel assisted Sinopharm A-Think with the IND by providing extensive information regarding the Chemistry, Manufacturing and Controls related to the manufacture of Zoptrex™. We are pleased that we were able to assist our licensee to achieve this important step in their clinical development of Zoptrex™. I remain very impressed by the progress that Sinopharm A-Think is making.” (Original Source)
Shares of Aeterna Zentaris are up 9% in after-hours trading. AEZS has a 1-year high of $31.38 and a 1-year low of $2.60. The stock’s 50-day moving average is $3.58 and its 200-day moving average is $3.92.
On the ratings front, AEZS has been the subject of a number of recent research reports. In a report issued on April 28, Maxim Group analyst Jason McCarthy reiterated a Buy rating on AEZS, with a price target of $11, which implies an upside of 220% from current levels. Separately, on March 31, Canaccord Genuity’s Neil Maruoka reiterated a Buy rating on the stock and has a price target of $9.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason McCarthy and Neil Maruoka have a total average return of 3.0% and -33.1% respectively. McCarthy has a success rate of 451% and is ranked #984 out of 3884 analysts, while Maruoka has a success rate of 16% and is ranked #3877.
Ãterna Zentaris, Inc. operates as a specialty biopharmaceutical company that is engaged in developing and commercializing novel treatments in oncology, endocrinology and women’s health. The company’s pipeline encompasses compounds at all stages of development, from drug discovery through to marketed products. It focuses on the development of Perifosine, Cetrotide, Ozarelix, AEZS-108 and AEZS-130.