H.C. Wainwright Thinks Tocagen Inc’s Stock is Going to Recover


H.C. Wainwright analyst Swayampakula Ramakanth reiterated a Buy rating on Tocagen Inc (NASDAQ: TOCA) today and set a price target of $14.50. The company’s shares closed on Friday at $9.06, close to its 52-week low of $8.31.

Ramakanth noted:

“We maintain our Buy rating of Tocagen and our 12-month price target of $14.50 per diluted share. We derive our price target based on a risk-adjusted NPV analysis of projected Toca 511 + Toca FC revenues through 2030 assuming a 12% discount rate and 2% terminal growth rate. We derive an rNPV of $402M for the products and add in pro forma net cash and cash equivalents of $82M to arrive at a 12-month price target of $14.40 per diluted share, which we round to $14.50. Risks. 1) clinical; 2) commercial; 3) partnership; 4) financial; 5) intellectual property.”

According to TipRanks.com, Ramakanth is a 4-star analyst with an average return of 7.3% and a 40.3% success rate. Ramakanth covers the Healthcare sector, focusing on stocks such as Diffusion Pharmaceuticals Inc, IntelGenx Technologies, and Leap Therapeutics Inc.

Tocagen Inc has an analyst consensus of Strong Buy, with a price target consensus of $16.50.

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Based on Tocagen Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $16.09 million. In comparison, last year the company had a GAAP net loss of $9.07 million.

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Tocagen, Inc. is a clinical-stage, cancer-selective gene therapy compan. It focuses on the development of product candidates designed to activate a patient’s immune system against their own cancer from within. It is in the business of discovery, development, and commercialization of products for the treatment of cancer.

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