In a report released today, Mayank Mamtani from B.Riley FBR maintained a Buy rating on Akari Therapeutics (AKTX), with a price target of $3. The company’s shares opened today at $2.10, close to its 52-week low of $1.56.
Mamtani noted:
“On the morning of Plc (AKTX) disclosed the positive outcome from a recent FDA meeting to advance its lead candidate, coversin, in Ph. III registration trial for pediatric hematopoietic stem cell transplant-related thrombotic microangiopathy (HSCT-TMA), which is a grievous orphan condition with an estimated fatality rate of >80%. Recall coversin is already in Ph. III trials in PNH, but our recent positive bias (link to our upgrade note) had focused on increasing visibility into a number of non-Soliris inflammatory indications. That said, this is still a major upside surprise to our / consensus estimates that don’t currently ascribe any value to HSCT-TMA indications and, we believe, explains the 150%+ stock reaction. Our PT is currently under review.”
According to TipRanks.com, Mamtani is a 3-star analyst with an average return of 5.0% and a 52.0% success rate. Mamtani covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Arbutus Biopharma Corporation, and Madrigal Pharmaceuticals Inc.
Currently, the analyst consensus on Akari Therapeutics is a Moderate Buy with an average price target of $3.
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The company has a one-year high of $5.65 and a one-year low of $1.56. Currently, Akari Therapeutics has an average volume of 26.33K.
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Akari Therapeutics Plc is a clinical-stage biopharmaceutical company, which engages in the development and commercialization of therapeutics to treat orphan autoimmune and inflammatory diseases. Its lead product candidate, Coversin, is a second-generation complement inhibitor.
