After Cantor Fitzgerald and Jefferies gave Spring Bank Pharmaceuticals Inc (NASDAQ: SBPH) a Buy rating last month, the company received another Buy, this time from B.Riley FBR. Analyst Madhu Kumar reiterated a Buy rating on Spring Bank Pharmaceuticals Inc today and set a price target of $30. The company’s shares opened today at $12.71.
Kumar commented:
“Merck (MRK) presented initial Phase Ib data for STING agonist MK-1454 as monotherapy and in combination with PD-1 inhibitor Keytruda across a variety of cancers at the Oncology (ESMO) 2018 Congress in Munich. To us, the initial data demonstrate early clinical proof of concept for STING agonism in combination with PD-(L)1 inhibition in cancer, which we believe should positively read across to Spring Bank Pharmaceuticals’ (SPBH) STING agonist program SB 11285. We thus reiterate our SBPH Buy rating and $30 price target.”
According to TipRanks.com, Kumar is a 5-star analyst with an average return of 15.3% and a 43.1% success rate. Kumar covers the Healthcare sector, focusing on stocks such as Arbutus Biopharma Corporation, Clementia Pharmaceuticals Inc, and Syndax Pharmaceuticals Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Spring Bank Pharmaceuticals Inc with a $30.33 average price target, a 138.6% upside from current levels. In a report issued on October 9, Jefferies also initiated coverage with a Buy rating on the stock with a $28 price target.
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Based on Spring Bank Pharmaceuticals Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $3.79 million. In comparison, last year the company had a GAAP net loss of $10.83 million.
Based on the recent corporate insider activity of 13 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of SBPH in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Spring Bank Pharmaceuticals, Inc. is a clinical stage biopharmaceutical company, which engages in discovery and development of a novel class of therapeutics using its proprietary small molecule nucleic acid hybrid (SMNH) chemistry platform. Its pipeline include RIG-I & STING Agonists platforms. The company was founded by Douglas J. Jensen and Radhakrishnan P.
