Catabasis Pharmaceuticals Gets a Buy Rating from Oppenheimer

Oppenheimer analyst Hartaj Singh maintained a Buy rating on Catabasis Pharmaceuticals (NASDAQ: CATB) today and set a price target of $7. The company’s shares opened today at $1.72.

Singh wrote:

“Catabasis (CATB) reported 1Q18 earnings and provided a business update to investors this morning. As expected, management walked back prior guidance on timing of initiating the pivotal Phase 3 study of edasalonexent in DMD (previously slated for 1H18), now open ended pending clarity on the financing strategy and regulatory path forward. CATB recently announced a corporate restructuring to focus all resources on lead program edasalonexent, and the streamlined operations are now funded through YE18. While financing remains a significant overhang, we continue to find the MoveDMD dataset highly compelling and believe that CATB can explore several potential scenarios to advance edasalonexent in DMD. At ~$50M market cap, we believe the Street is not appreciating the potential of edasalonexent as a foundational therapy. We update our model and remain bullish.”

According to TipRanks.com, Singh is a 5-star analyst with an average return of 19.4% and a 52.8% success rate. Singh covers the Healthcare sector, focusing on stocks such as Syndax Pharmaceuticals Inc, Strongbridge Biopharma Plc, and Actinium Pharmaceuticals.

Catabasis Pharmaceuticals has an analyst consensus of Moderate Buy, with a price target consensus of $6.50.

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The company has a one-year high of $3.78 and a one-year low of $1.09. Currently, Catabasis Pharmaceuticals has an average volume of 996.5K.

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Catabasis Pharmaceuticals, Inc. operates as a clinical-stage biopharmaceutical company. It focuses on the discovery, development, and commercialization of therapeutics for the treatment of cardiovascular, metabolic and inflammatory diseases.