Proteon (PRTO) Has a New Rating from Maxim Group


Proteon (NASDAQ: PRTO) received a Buy rating and a $5 price target from Maxim Group analyst Jason McCarthy today. The company’s shares closed yesterday at $1.71, close to its 52-week low of $1.50.

McCarthy noted:

“We are initiating coverage of Buy rating and $5 price target. Vonapanitase is being evaluated in its second P3 trial in hemodialysis fistula creation, PATENCY-2 (fully enrolled), with data expected in March 2019. Potential BLA in 2H19, MAA in 2020.”

According to TipRanks.com, McCarthy is a 4-star analyst with an average return of 3.5% and a 39.2% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, ContraVir Pharmaceuticals Inc, and Sonoma Pharmaceuticals Inc.

Currently, the analyst consensus on Proteon is a Moderate Buy with an average price target of $4.

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Based on Proteon’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $4.88 million. In comparison, last year the company had a GAAP net loss of $12.31 million.

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Proteon Therapeutics, Inc. engages in the research and development of biopharmaceutical products. It produces and commercializes vonapanitase for the treatment of renal and vascular disease. The company was founded by F. Nicholas Franano and William P. Whitaker in 2001 and is headquartered in Waltham, MA.

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