Oppenheimer analyst Matthew Biegler maintained a Buy rating on Aptose Biosciences (APTO) today and set a price target of $6. The company’s shares closed yesterday at $2.23.
Biegler observed:
“Monday, we attended Aptose meetings with institutional clients in San Francisco. Much of the discussion focused on CG-806, the company’s pan-FLT3 and BTK inhibitor, which should enter the clinic imminently following IND clearance that day. The Phase 1 trial is designed to initially enroll patients with relapsed/refractory B-cell malignancies, and transition into AML settings once the drug reaches target exposure levels. Management believes that clinical activity, including objective responses, may be present even at the lowest doses tested in Phase 1, potentially providing early proof-of-concept data in 2H19. Separately, patients continue to be recruited into a Phase 1 trial exploring and management hopes to provide a comprehensive update on both programs at ASH in December. Reiterate Outperform, $6 PT.”
Biegler has an average return of 16.8% when recommending Aptose Biosciences.
According to TipRanks.com, Biegler is ranked #2346 out of 5258 analysts.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Aptose Biosciences with a $6.83 average price target, a 206.3% upside from current levels. In a report issued on March 13, H.C. Wainwright also reiterated a Buy rating on the stock with a $8.50 price target.
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Based on Aptose Biosciences’ latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $5.52 million. In comparison, last year the company had a GAAP net loss of $3.29 million.
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Aptose Biosciences, Inc. is a clinical-stage oncology company, which engages in the discovery, research, and development of anti-cancer therapies. Its product pipeline includes APTO-253, a small molecule that induces expression of the Kruppel-Like Factor 4 genes; and CG-806 a non-covalent small molecule therapeutic agent.
