In a report released yesterday, Madhu Kumar from B.Riley FBR reiterated a Buy rating on Eiger Biopharmaceuticals (NASDAQ: EIGR), with a price target of $21. The company’s shares opened today at $11.20.
Kumar wrote:
“This morning, 10/22/2018, Eiger BioPharmaceuticals (EIGR) announced receipt from the FDA of Designation (RPDD) for lead asset, prenylation inhibitor lonafarnib (LNF) for the treatment of progeria and progeroid laminopathies, for which a New Drug Application (NDA) filing is planned for 2019. We consider the RPDD a positive event for EIGR shares, as approval of LNF in progeria could lead to receipt of a priority review voucher (PRV) which, as per recent transactions, could provide around $50-60M in non-dilutive cash to EIGR to support the firm’s hepatitis δ virus (HDV) franchise. We thus reiterate our EIGR Buy rating and $21 price target.”
According to TipRanks.com, Kumar is a 4-star analyst with an average return of 13.2% and a 39.9% success rate. Kumar covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Arbutus Biopharma Corporation, and Clementia Pharmaceuticals Inc.
Eiger Biopharmaceuticals has an analyst consensus of Strong Buy, with a price target consensus of $29.83, which is a 166.3% upside from current levels. In a report issued on October 17, Ladenburg also maintained a Buy rating on the stock with a $28 price target.
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Based on Eiger Biopharmaceuticals’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $9.92 million. In comparison, last year the company had a GAAP net loss of $9.17 million.
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Eiger BioPharmaceuticals, Inc is a clinical-stage biopharmaceutical company, which engages in the development and commercialization of targeted therapies for orphan diseases. It focuses on product candidates for the treatment of orphan diseases such as Sarasar, Pegylated Interferon Lambda, Exendin 9-39, and Ubenimex.
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