Northland Securities analyst Carl Byrnes maintained a Buy rating on Motif Bio plc (MTFB) today and set a price target of $5. The company’s shares closed yesterday at $1.90, close to its 52-week low of $1.54.
Byrnes wrote:
“We anticipate the Co. to provide guidance on iclaprim’s path forward in June. Key Points Motif Completes $3.55MM Raise: Pre-open, Motif announced that it has completed placement of 45MM ordinary shares priced at 6 pence, raising gross proceeds of £2.7MM (~$3.55MM USD) providing the Company with additional working capital. The offering, if translated into ADS equivalents, would approximate 2.5MM ADS shares at $1.58 per share. Through FDA Update: The net proceeds from the offering, combined with existing cash resources, and adjusted for repayment of $0.5MM to Hercules Capital, approximate $5- $5.5MM. We anticipate cash balances to be sufficient to fund operations beyond its receipt of minutes anticipated in early-June from the May 3rd Type A meeting with the FDA.”
According to TipRanks.com, Byrnes is a 1-star analyst with an average return of -1.8% and a 24.1% success rate. Byrnes covers the Healthcare sector, focusing on stocks such as Adamas Pharmaceuticals, Flexion Therapeutics, and Heron Therapeutics.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Motif Bio plc with a $3.50 average price target.
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The company has a one-year high of $11.50 and a one-year low of $1.54. Currently, Motif Bio plc has an average volume of 706.5K.
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Motif Bio Plc is a clinical stage biopharmaceutical company which develops novel antibiotics designed to be effective against serious and life-threatening infections caused by multi-drug resistant bacteria. It pipeline of antibiotics includes iclaprim, and MTF-001, a preclinical program to design a dihydrofolate reductase inhibitor (DHFRi).
