H.C. Wainwright analyst Swayampakula Ramakanth maintained a Buy rating on Histogenics (NASDAQ: HSGX) today and set a price target of $3.50. The company’s shares closed yesterday at $2.71.
Ramakanth observed:
“We note that the study is conducted under a Special Protocol Assessment (SPA) with the FDA which could potentially provide a faster approval for NeoCart. Currently, we expect NeoCart to reach the market in 2Q19 and generate risk-adjusted revenues of $8.5M in 2019, growing to $156M by 2027. Why we believe the NeoCart study is likely to succeed. NeoCart demonstrated impressive efficacy in the previously completed Phase 2 study, and we believe the ongoing Phase 3 is likely to report positive results as well. 2 study looked at the safety and efficacy of NeoCart compared to MFX.”
According to TipRanks.com, Ramakanth is a 4-star analyst with an average return of 9.1% and a 41.2% success rate. Ramakanth covers the Healthcare sector, focusing on stocks such as Diffusion Pharmaceuticals Inc, IntelGenx Technologies, and Leap Therapeutics Inc.
Currently, the analyst consensus on Histogenics is Moderate Buy and the average price target is $4.25, representing a 56.8% upside.
In a report issued on June 11, BTIG also maintained a Buy rating on the stock with a $5 price target.
See today’s analyst top recommended stocks >>
The company has a one-year high of $3.35 and a one-year low of $1.60. Currently, Histogenics has an average volume of 72.42K.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Histogenics Corp. engages in the development, marketing, and commercialization of musculoskeletal medicine. Its regenerative medicine platform combines expertise in cell processing, scaffolding, tissue engineering, bioadhesives, and growth factors to provide solutions that can be utilized individually and in concert to treat musculoskeletal-related conditions. The company was founded on June 28, 2000 and is headquartered in Waltham, MA.
