Needham Reiterates Buy on Genocea Biosciences Inc Following Positive Interim Phase 2 Data in HSV-2
In a research report released Wednesday, Needham’s healthcare analyst Alan Carr reiterated a Buy rating on shares of Genocea Biosciences Inc (NASDAQ:GNCA), with a $22 price target, after the company announced six months interim results from the Phase 2 dose-optimization trial of GEN-003 in HSV-2 patients. Genocea shares reacted to the news, rising 8.31% to $6.39 on volume of 2,43 million shares.
Carr observed, “Overall, the GEN-003 program appears on track and we view the candidate as a potentially valuable and differentiated option for HSV-2 pts. We expect data from the placebo-controlled Phase 2 bridging trial (2Q16E) as well as 12-mo data from the ongoing Phase 2 dose-optimization trial to further clarify profile and provide a better sense of how it compares to currently available oral antivirals. We believe GEN-003 may have utility in combination with oral antivirals and in some cases as a replacement for oral antivirals. We remind investors that results from the Phase 2 GEN-004 trial in Pneumococcal Pneumonia are expected in 4Q15, a major milestone for the company.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Alan Carr has a total average return of 25.9% and a 55.1% success rate. Carr has a -46.3% average return when recommending GNCA, and is ranked #23 out of 3769 analysts.
All the 5 analysts polled by TipRanks rate Genocea Biosciences stock a Buy. With a return potential of 239%, the stock’s consensus target price stands at $21.67.