Oppenheimer analyst Leah R. Cann maintained a Buy rating on Miragen Therapeutics Inc (NASDAQ: MGEN) today and set a price target of $13. The company’s shares closed yesterday at $7.55.
Cann commented:
“miRagen has a pipeline of two experimental clinical therapies. The first anticipated commercial impact is from MRG-106 in 2022. The data released yesterday, along with the planned phase II trial design, support our expectation that MRG-106 will be able to proceed to a registration phase II study, avoiding phase III trials. We estimate that MiRagen’s operating losses will continue until the launch of MRG-106 in 2022, when we estimate the company will turn profitable as revenue starts to meaningfully offset losses.”
According to TipRanks.com, Cann is a 4-star analyst with an average return of 9.1% and a 47.9% success rate. Cann covers the Healthcare sector, focusing on stocks such as CytomX Therapeutics Inc, Crispr Therapeutics AG, and Intellia Therapeutics.
Currently, the analyst consensus on Miragen Therapeutics Inc is Strong Buy and the average price target is $16.50, representing an 118.5% upside.
In a report issued on April 30, Wedbush also reiterated a Buy rating on the stock with a $19 price target.
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Based on Miragen Therapeutics Inc’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $6.39 million. In comparison, last year the company had a GAAP net loss of $6.99 million.
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Miragen Therapeutics, Inc. is a clinical stage biopharmaceutical company, which engages in the development of proprietary RNA-targeted therapeutics. Its product candidates, MRG-106 focuses on the treatment of cancer; and MRG-201 deals with the treatment of pathological fibrosis. The company was founded by William S. Marshall and Bruce L. Booth on February 13, 2007 and is headquartered in Boulder, CO.