Oppenheimer analyst Kevin Degeeter initiated coverage with a Buy rating on Catalyst Biosciences Inc (CBIO) today and set a price target of $24. The company’s shares opened today at $8.16, close to its 52-week low of $6.20.
Degeeter said:
“We are initiating coverage of CBIO with an Outperform rating and $24 price target. We view CBIO as offering a unique approach to two important questions for hemophilia: 1) what is the best method to transition inhibitor patients from products designed to treat bleeding to prophylaxis for preventing bleeds; and 2) how best to treat pediatric hemophilia B patients that are not candidates for subcutaneous non-factor replacement therapies or gene therapy? We believe many investors are currently overlooking the potential benefits of the company’s subcutaneous Factor VIIa program, particularly for Factor VII deficient patients and hemophilia B inhibitor patients. We expect this story to solidify in 2019 and to offer material upside to CBIO shares independent of the more binary Factor IX readout in 2H19.”
According to TipRanks.com, Degeeter is a 5-star analyst with an average return of 17.6% and a 47.8% success rate. Degeeter covers the Healthcare sector, focusing on stocks such as Molecular Templates Inc, Neon Therapeutics Inc, and BioTime.
Currently, the analyst consensus on Catalyst Biosciences Inc is a Moderate Buy with an average price target of $35, representing a 328.9% upside. In a report issued on December 20, Chardan Capital also reiterated a Buy rating on the stock with a $35 price target.
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Based on Catalyst Biosciences Inc’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $7.69 million. In comparison, last year the company had a GAAP net loss of $5.75 million.
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Catalyst Biosciences, Inc. is a clinical-stage biopharmaceutical company, which engages in the development of novel medicines to address hemophilia condition. Its product pipeline includes FVIIa for the treatment of hemophilia A or B with inhibitors, FIX for hemophilia B treatment, and FXa, which is a universal pro-coagulant.
