Maxim Group analyst Caroline Palomeque maintained a Buy rating on VistaGen Therapeutics (NASDAQ: VTGN) today and set a price target of $6. The company’s shares opened today at $1.41.
Palomeque said:
“VistaGen announced that it has entered into a license agreement with Pherin Pharmaceuticals (private) for the development of 3- ready nasal spray for social anxiety disorder (SAD). Under the terms of the agreement, VistaGen will have exclusive worldwide rights to develop and commercialize PH94B. The deal is an all stock transaction of $2.25M, 1.63M shares. We view this as a strategic positive for the company which expands the neuropsychiatry pipeline.”
According to TipRanks.com, Palomeque is a 1-star analyst with an average return of -4.0% and a 35.8% success rate. Palomeque covers the Healthcare sector, focusing on stocks such as Soleno Therapeutics Inc, Anavex Life Sciences, and Daré Bioscience Inc.
VistaGen Therapeutics has an analyst consensus of Strong Buy, with a price target consensus of $11.33, which is a 703.5% upside from current levels. In a report issued on September 4, Oppenheimer also assigned a Buy rating to the stock with a $6 price target.
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Based on VistaGen Therapeutics’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $4.21 million. In comparison, last year the company had a GAAP net loss of $2.27 million.
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VistaGen Therapeutics, Inc. is a clinical-stage biopharmaceutical company, which engages in the development of new generation medicines for depression and other diseases and disorders of the central nervous system. It focuses on AV-101 product, an oral, non-opioid and non-sedating therapy that offers the potential to be a new at-home treatment for multiple central nervous system indications with high-unmet medical need. The company was founded by H. Ralph Snodgrass and Gordon Keller on May 26, 1998 and is headquartered in South San Francisco, CA.
