In a research report released Tuesday, Roth Capital analyst Joseph Pantginis reiterated a Buy rating on shares of Neuralstem, Inc. (NASDAQ:CUR) with a price target of $1.20, after the drug maker announced third-quarter results and outlined its clinical development strategy for its pipeline. The company ended the quarter with ~$5.68 million in cash, which management believes provides runway through 2017.

Pantginis wrote, “In 3Q16 we saw major restructuring at Neuralstem and believe that management has reoriented the company with a major emphasis placed on NSI-189. Currently, NSI-189 is in a Phase IIb study for major depressive disorder (MDD) following what we believe to be strong Phase Ib data. Based on the NSI-189 clinical data in hand, we believe investors should revisit the story in preparation for important Phase II data in 2017.”

As usual, we recommend taking analyst notes with a grain of salt. According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Joseph Pantginis has a yearly average return of -14.6% and a 30.2% success rate. Pantginis has a -14.4% average return when recommending CUR, and is ranked #4046 out of 4181 analysts.

As of this writing, all the 3 analysts polled by TipRanks rate Neuralstem stock a Buy. With a return potential of 1179%, the stock’s consensus target price stands at $3.07.