Roth Capital Reiterates Buy On Concert Following Initiation Of Phase I Study
In a research report issued yesterday, Roth Capital analyst Joseph Pantginis reiterated a Buy rating on Concert Pharmaceuticals (NASDAQ:CNCE) with a $28 price target, following the initiation of a Phase I safety study of CTP-730, a candidate product for inflammatory diseases, under its Celgene (NASDAQ:CELG) collaboration.
Pantginis observed, “This Phase I initiation marks the third CNCE partnered program to enter the clinic. We view this as an additional important milestone in CNCE’s partnered franchise alongside its collaborations with Jazz Pharmaceuticals and Avanir. Due to the design of the study, we believe results can come out relatively fast (early 2015), providing a quick indication of whether the candidate is safe and the PK profile satisfactory, and whether CTP-730 can advance to efficacy studies in inflammatory disease. As a reminder of the two other CNCE collaborations, recall that the collaboration with Jazz Pharmaceuticals is centered on developing JZP-386, a deuterated analog of sodium oxybate, for potential treatment of narcolepsy. JZP-386 began a Phase I study in July 2014. The collaboration with Avanir is centered on developing AVP-786, a combo of deuterated dextromethorphan analog with ultra-low dose of quinidine, for potential treatment of major depressive disorder and other neurological and psychiatric disorders. AVP-786 was advanced into a Phase II study in August 2014.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Joseph Pantginis has a total average return of -5.4% and a 35.3% success rate. Pantginis has a 46.2% average return when recommending CNCE, and is ranked #3236 out of 3286 analysts.