B.Riley FBR analyst Madhu Kumar reiterated a Buy rating on Tocagen Inc (NASDAQ: TOCA) today and set a price target of $15. The company’s shares opened today at $9.05, close to its 52-week low of $8.31.
Kumar said:
“Tuesday after the market close, Tocagen (TOCA) announced 2Q18 earnings and provided a corporate update. We reiterate to investors that, despite the challenges of pivotal trial success for novel agents in recurrent high-grade glioma (RHGG), the striking Phase Ib efficacy seen for lead asset, replicating retrovirus (RRV) and 5-fluorouracil prodrug combination Toca 511/FC, which has both FDA and EMA PRIME Designation, bodes well for the ongoing Phase III TOCA 5 trial, with interim readouts in 2H18 and, more importantly, 1H19. After 2Q18 model updates, we reiterate our TOCA Buy rating and $15 price target.”
According to TipRanks.com, Kumar is a 5-star analyst with an average return of 28.2% and a 52.0% success rate. Kumar covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Arbutus Biopharma Corporation, and Clementia Pharmaceuticals Inc.
Currently, the analyst consensus on Tocagen Inc is a Strong Buy with an average price target of $16.50, which is an 82.3% upside from current levels. In a report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $14.50 price target.
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The company has a one-year high of $14.66 and a one-year low of $8.31. Currently, Tocagen Inc has an average volume of 108.8K.
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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.
