Oppenheimer Maintains Outperform on Bio Blast Pharma Ltd Following Pre-Clinical Updates
Oppenheimer analyst Yigal Nochomovitz maintained an Outperform rating on Bio Blast Pharma Ltd (NASDAQ:ORPN) with a price target of $32, after the company announced positive pre-clinical in vitro and in vivo proof-of-concept study results for its mitochondrial protein replacement therapy drug candidate (BB-FA) for Friedreich's Ataxia.
Nochomovitz observed, "Overall, the data provide early proof-of-concept for mPRT and illustrate the potential of Cabaletta beyond the lead indication in oculopharyngeal muscular dystrophy (OPMD) where BioBlast is in Ph.2/3. While we don't currently model mPRT, we are watching the program closely as orphan mitochondrial disorders represent an untapped market opportunity with few players, despite multi-billion dollar potential (Ex.1). Plus, yesterday's acquisition of Hyperion by Horizon for ~$1.1B highlights the growing commercial relevance of drugs addressing orphan mitochondrial diseases."
According to TipRanks.com, which measures analysts' and bloggers' success rate based on how their calls perform, analyst Yigal Nochomovitz has a total average return of 11.6% and a 50.0% success rate. Nochomovitz has a -20.3% average return when recommending ORPN, and is ranked #800 out of 3562 analysts.