B.Riley FBR Remains a Buy on Dicerna Pharma (DRNA)

B.Riley FBR analyst Mayank Mamtani reiterated a Buy rating on Dicerna Pharma (DRNA) today and set a price target of $24. The company’s shares closed yesterday at $11.74.

Mamtani wrote:

“after market close, Dicerna Pharmaceuticals (DRNA) reported 4Q18 financial results and shared corporate updates. The clinical development of Ph. III-stage DCR-PHXC in primary hyperoxaluria (PH) and Ph. I-stage DCR-HBVS in HBV patients remain key priorities for DRNA, followed by the emerging preclinical and discovery-stage programs from the strategic partnerships struck with and Alexion. (0.29) came in slightly behind our/consensus’ estimates of (0.23)/(0.22), mainly driven by higher R&D spending. We update our model to reflect 4Q18 financial results, reiterate Buy, and increase our PT to $24, with raised probability of success for DCR-PHXC to 70% (from 45% previously).”

According to TipRanks.com, Mamtani is a 3-star analyst with an average return of 4.8% and a 45.8% success rate. Mamtani covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Arbutus Biopharma Corporation, and Madrigal Pharmaceuticals Inc.

Dicerna Pharma has an analyst consensus of Strong Buy, with a price target consensus of $22, an 87.4% upside from current levels. In a report issued on February 25, Cowen & Co. also initiated coverage with a Buy rating on the stock.

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Based on Dicerna Pharma’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $18.61 million. In comparison, last year the company had a GAAP net loss of $15.59 million.

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Dicerna Pharmaceuticals, Inc. is a biopharmaceutical company, which engages in the discovery and development of treatments for rare diseases, chronic liver diseases, cardiovascular disease, and viral liver infectious diseases using its proprietary GalXC RNAi technology platform to build a pipeline in these therapeutic areas.

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