In a report released today, Elemer Piros from Cantor Fitzgerald initiated coverage with a Buy rating on Nightstar Therapeutics Limited (NASDAQ: NITE) and a price target of $36. The company’s shares opened today at $14.94.
“We are initiating coverage of Overweight rating and 12-month price target of $36. Nightstar is developing AAV-vector- based gene therapies (GT) for ophthalmological indications. Nightstar is in Phase 3 development for the treatment of choroideremia (CHM). Based on positive data shown in multiple Phase 2 investigator sponsor led trials, a potential first mover advantage in this indication, and proof of concept in multiple ocular gene therapy trials, we have a positive outlook on Nightstar.”
According to TipRanks.com, Piros is ranked 0 out of 5 stars with an average return of -5.1% and a 42.9% success rate. Piros covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Strongbridge Biopharma Plc, and Global Blood Therapeutics.
Currently, the analyst consensus on Nightstar Therapeutics Limited is a Strong Buy with an average price target of $35, a 134.3% upside from current levels. In a report issued on September 25, Mizuho Securities also maintained a Buy rating on the stock with a $24 price target.
The company has a one-year high of $29.55 and a one-year low of $10.01. Currently, Nightstar Therapeutics Limited has an average volume of 151.4K.
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Nightstar Therapeutics PLC is a clinical-stage gene therapy company, which engages in the development and commercialization of novel one-time treatments for patients suffering from rare inherited retinal diseases. Its pipeline includes NSR-REP1, for the treatment of choroideremia; NSR-RPGR, for the treatment of X-linked retinitis pigmentosa; and NSR-BEST1, for the treatment of vitelliform macular dystrophy. The company was founded by Robert MacLaren on July 6, 2017 and is headquartered in London, the United Kingdom.