B.Riley FBR analyst Madhu Kumar reiterated a Buy rating on Tocagen Inc (NASDAQ: TOCA) yesterday and set a price target of $15. The company’s shares opened today at $8.90.
Kumar wrote:
“This morning, 8/23, Tocagen (TOCA) announced that after an interim data analysis, the Phase III TOCA 5 trial of lead asset, replicating retrovirus and 5-fluorouracil prodrug Toca 511/FC, for recurrent high grade glioma (RHGG), will continue without modification. We reiterate that the key catalyst for TOCA shares remains the second interim readout from TOCA 5, guided for 1H19. We thus reiterate our TOCA Buy rating, $15 price target, and remind investors that Tocagen will be attending the B. Riley FBR York City.”
According to TipRanks.com, Kumar is a 5-star analyst with an average return of 28.1% and a 55.0% success rate. Kumar covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Arbutus Biopharma Corporation, and Deciphera Pharmaceuticals Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Tocagen Inc with a $16.50 average price target, an 85.4% upside from current levels. In a report issued on August 13, H.C. Wainwright also reiterated a Buy rating on the stock with a $14.50 price target.
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Based on Tocagen Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $16.09 million. In comparison, last year the company had a GAAP net loss of $9.07 million.
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Tocagen, Inc. is a clinical-stage, cancer-selective gene therapy compan. It focuses on the development of product candidates designed to activate a patient’s immune system against their own cancer from within. It is in the business of discovery, development, and commercialization of products for the treatment of cancer.
