Cowen Raises Cempra Price Target On The Back Of Phase 3 Solitaire Oral Topline Results
In a research report published today, Cowen analyst Ritu Baral maintained an Outperform rating on Cempra (NASDAQ:CEMP) and raised his price target to $35 (from $21), as the company announced positive topline results from its global, pivotal Phase 3 clinical trial of solithromycin oral capsules (Solitaire-Oral) in the treatment of patients with community acquired bacterial pneumonia (CABP).
Baral noted, “Topline data from the Ph3 SOLITAIRE-Oral trial looks positive, supportive of success in the SOLITAIRE-IV trial and overall solithromycin approvability. Safety looks at least comparable to moxifloxacin, a quinolone, the current trial’s active comparator. We are raising our target on increased chances of solithromycin success.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Ritu Baral has a total average return of 19.8% and a 45.6% success rate. Baral is ranked #96 out of 3427 analysts.