Roth Capital Offers Commentary on OHR Pharmaceutical Inc Following Final IMPACT Results
OHR Pharmaceutical Inc (NASDAQ:OHRP) shares plunged nearly 70% today after the company announced topline results from its exploratory phase II IMPACT study testing OHR-102 in combination with Lucentis for the treatment of the wet form of age-related macular degeneration. The study showed a “marked benefit” but did not achieve statistical significance.
Subsequently, Roth Capital analyst Elemer Piros came out today with some commentary on OHRP following the trial results. The analyst reiterated a Buy rating on the stock with a price target of $30, which represents a potential upside of 995% from where the stock is currently trading.
Piros stated, “While we are still expecting further details at an upcoming scientific presentation in early May, it appears that OHR-102 had an impact only for patients in the “classic” subset of AMD (~2/3 of total). Fifty percent more treated patients gained >=3 lines on the eye chart (42% vs. 28%) vs. placebo. This effect was comparable to that observed with Ophthotech’s Fovista.”
Furthermore, “Whereas the benefit provided by OHR-102 and Fovista are eerily similar, the key difference lies in the robustness of these observations. Ophthotech achieved statistical significance, but Ohr did not. By focusing on the classical AMD subset, only ~30 patients were analyzed in each arm. Additional analyses provided for first 62 patients last year gives us confidence that the drug is indeed active and provides a further visual benefit over Lucentis.”
Bottom line, “While Ohr has not achieved all of the ambitious goals in Phase 2 development for its AMD drug candidate, the program is ready for Phase 3 development, with comparable benefits seen to Fovista, developed by rival Opthotech.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Elemer Piros has a total average return of 21.8% and a 80.0% success rate. Piros has a 10.2% average return when recommending OHRP, and is ranked #1434 out of 3550 analysts.