Thursday Morning Insights: Merrimack Pharmaceuticals Inc (MACK), Conatus Pharmaceuticals Inc (CNAT), Cleveland Biolabs, Inc. (BCLI)
Merrimack Pharmaceuticals Inc (NASDAQ:MACK) shares jumped over 9% in pre market trading to $12.98 after its New Drug Application for MM-398 was accepted for review by the FDA with priority review status. MM-398 is used to treat patients with metastatic adenocarcinoma of the pancreas who have been previously treated with gemcitabine-based therapy. One analyst polled by TipRanks currently has an open bullish rating on MACK. The average 12-month price target is $16.00, marking a potential upside of 34.45% from where the stock is currently trading.
Conatus Pharmaceuticals Inc (NASDAQ:CNAT) shares increased 8.51% to $6.25 in pre market trading after the company announced positive sustained viral response (SVR) data from Emricasan Phase 2b clinical trial in patients with Hepatitis C. The trial enrolled 16 patients who had liver fibrosis or cirrhosis post-transplant from recurrent Hepatitis C. The results of the trial showed 85% of the patients reached SVR after being treated with emricasan. Three analysts polled by TipRanks currently all have open bullish ratings on CNAT. The average 12-month price target is $12.67, marking a potential upside of 119.97% from where the stock is currently trading.
Cleveland Biolabs, Inc. (NASDAQ:CBLI) shares skyrocketed 99.29% to $5.64 in pre market trading after the company announced that it has entered into a securities purchase agreement with venture capital investor, David Davidovich, for $25 million in equity financing. The transaction is expected to close on July 6. Mr. Davidovich stated, “I believe in the strong potential of CBLI’s products and its team and hope that my investment will provide the company with the necessary support to fully realize its goals.”