Miragen Therapeutics Inc Receives a Rating Update from a Top Analyst

B.Riley FBR analyst Madhu Kumar reiterated a Buy rating on Miragen Therapeutics Inc (NASDAQ: MGEN) today and set a price target of $18.50. The company’s shares opened today at $7.67.

Kumar observed:

“Yesterday, after market close, 5/9, miRagen Therapeutics (MGEN) announced 1Q18 earnings and provided a corporate update. After model updates, we reiterate our belief that the Phase II SOLAR trial for cobomarsen in mycosis fungoides (MF) remains highly de-risked based on existing Phase Ib data. We further see positive Phase Ib data for cobomarsen in other blood cancers, guided for 2H18, as a key positive catalyst for MGEN shares. We thus reiterate our MGEN Buy rating and raise our price target from $16.50 to $18.50.”

According to TipRanks.com, Kumar is a top 100 analyst with an average return of 42.2% and a 63.4% success rate. Kumar covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Arbutus Biopharma Corporation, and Deciphera Pharmaceuticals Inc.

Currently, the analyst consensus on Miragen Therapeutics Inc is Strong Buy and the average price target is $16.90, representing a 120.3% 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.