In a research note published today, H.C. Wainwright analyst Reni Benjamin reiterated a Buy rating on GenVec (NASDAQ:GNVC) with a $9 price target, following the company’s release of its third-quarter results.
Benjamin wrote, “The company’s lead program for hearing loss, partnered with Novartis (NVS; not rated), recently enrolled the first patient in a dose escalating Phase 1/2 trial. With the lead program in the capable hands of a conservative and diligent large Pharma partner, multiple milestone payments tied to the advancement of the clinical program, a low annual burn rate, and $15.8 MM in cash (pro forma), we believe GenVec represents an undervalued innovator in the gene therapy arena addressing indications with no therapeutic options.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Reni Benjamin has a total average return of -3.6% and a 36.9% success rate. Benjamin has a -45.1% average return when recommending GNVC, and is ranked #3092 out of 3386 analysts.