B.Riley FBR analyst Madhu Kumar reiterated a Buy rating on Miragen Therapeutics Inc (NASDAQ: MGEN) on June 4 and set a price target of $18.50. The company’s shares closed yesterday at $7.46.
Kumar wrote:
“This morning, 6/4, miRagen Therapeutics (MGEN) announced updated Phase Ib data for miR-155 inhibitor cobomarsen in both mycosis fungoides (MF) and adult T-cell leukemia/ lymphoma (ATLL). We consider this data a material positive event, as these findings both reinforce cobomarsen’s efficacy in MF, with the potentially pivotal Phase II SOLAR trial guided to start in 2H18, and support expansion of the drug into ATLL, a highly lethal cancer with modest current therapies. We thus reiterate our MGEN Buy rating and $18.50 price target.”
According to TipRanks.com, Kumar is a 5-star analyst with an average return of 38.3% and a 60.0% success rate. Kumar covers the Healthcare sector, focusing on stocks such as Arbutus Biopharma Corporation, Clementia Pharmaceuticals Inc, and Deciphera Pharmaceuticals Inc.
Currently, the analyst consensus on Miragen Therapeutics Inc is Strong Buy and the average price target is $16.42, representing a 120.1% upside.
In a report released yesterday, Oppenheimer also assigned a Buy rating to the stock with a $13 price target.
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Based on Miragen Therapeutics Inc’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $4.66 million. In comparison, last year the company had a GAAP net loss of $6.99 million.
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Miragen Therapeutics, Inc. is a clinical stage biopharmaceutical company, which engages in the development of proprietary RNA-targeted therapeutics. Its product candidates, MRG-106 focuses on the treatment of cancer; and MRG-201 deals with the treatment of pathological fibrosis.
