In a research report published yesterday, H.C. Wainwright analyst Reni Benjamin reiterated a Buy rating on Celsion Corp (NASDAQ:CLSN) with an $8 price target, on the heels of the release of the company’s third-quarter results.
Benjamin wrote, “Following the recent acquisition EGEN, Inc., an oncology company focused on the development and delivery of a wide variety of nucleic acid based therapeutics, Celsion gained therapeutic candidate EGEN-001, along with EGEN’s three platform technologies for the delivery and expression of nucleic acids. Additionally, the Phase 3 OPTIMA trial of ThermoDox in hepatocellular carcinoma (HCC) enrolled its first patient in September. With enrollment in the ongoing Phase 2 DIGNITY trial nearing completion and $43.8 MM in cash for clinical development, we believe Celsion represents an undervalued player with significant upside for the long-term, risk-tolerant investor.”
The analyst continued, “While disappointing data was reported from the Phase 3 HEAT study, a large subset of approximately 285 patients demonstrated a 57% improvement in overall survival (p=0.037). In our opinion, these results continue to suggest a benefit, although investors should be cautious given the hypothesis generating nature of the findings.”
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 -22% average return when recommending CLSN, and is ranked #3092 out of 3386 analysts.