Concert Pharmaceuticals Bullish Stance Reiterated At Roth Capital Following Positive Meeting With FDA
In a research note released yesterday, Roth Capital analyst Joseph Pantginis reiterated a Buy rating on Concert Pharmaceuticals Inc. (CNCE) with a $28.00 price target, following yesterday’s news of successful completion of CNCE’s end-of-phase 2 meeting with the FDA for CTP-499, its investigational therapy targeting diabetic nephropathy.
Pantginis noted, “Following this successful meeting, we believe the company is on the right track to proceed to the next stage. The SPA application, if approved, can help speed up the approval process and we view this application as a sign of confidence of CNCE in CTP-499 and its potential benefit to diabetic kidney disease patients. We believe that the visibility garnered through this successful FDA meeting could serve as a potential trigger for partnership interest in further developing CTP-499”.
According to TipRanks.com, analyst Joseph Pantginis currently has an average return of -7.6% and a 39% success rate. Pantginis is ranked #3125 out of 3182 analysts.