In a report released today, Kevin Degeeter from Oppenheimer maintained a Buy rating on Molecular Templates Inc (MTEM), with a price target of $15. The company’s shares closed yesterday at $5.10.
Degeeter observed:
“On 2/27/19, abstracts for the AACR meeting were released including four abstracts from MTEM. Separately, we recently met with management for an operating update on upcoming milestones. Based on the discussions we expect a data-rich 6-9 months including: 1) the first glimpse of the product profile for the CD38 inhibitor TAK-169 in treatment of multiple myeloma at AACR in late March, 2) initiation of a registration study of MT-3724 for r/r DLBCL by mid year, and 3) potential for presentation of interim data from both programs late in 2019. We continue to believe Bodies (ETB) platform offers a differentiated MOA based on forced internalization of antibody fragments and could attract corporate partnerships.”
According to TipRanks.com, Degeeter is a 4-star analyst with an average return of 16.7% and a 52.4% success rate. Degeeter covers the Healthcare sector, focusing on stocks such as Catalyst Biosciences Inc, Neon Therapeutics Inc, and Genomic Health.
Currently, the analyst consensus on Molecular Templates Inc is a Moderate Buy with an average price target of $15.
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Based on Molecular Templates Inc’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $5.24 million. In comparison, last year the company had a GAAP net loss of $6.92 million.
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Molecular Templates, Inc. is a clinical stage biopharmaceutical company, which engages in the discovery, development, and commercialization of therapeutics for the treatment of cancers and other serious diseases. The company was founded on August 1, 2017 and is headquartered in Austin, TX.
