B.Riley FBR analyst Mayank Mamtani reiterated a Buy rating on Spring Bank Pharmaceuticals Inc (SBPH) today and set a price target of $16. The company’s shares closed on Friday at $4.49, close to its 52-week low of $3.58.
Mamtani observed:
“Pharmaceuticals (SBPH) released 2Q19 financial results and provided a corporate update, mainly relating to its clinical developmental plan for inarigivir (irig) in Hep-B and SB1125, its STING (STimulatory or INterferon Genes) agonist, in oncology. The stock has considerably underperformed YTD (-56% vs. +20% for XBI), primarily driven by lack of dose-dependent response in surface antigen (HBsAg) reduction in the Phase 2a ACHIEVE trial in HBV patients presented at EASL ’19 (link). At these levels, the current EV ascribes very little value to SBPH’s otherwise expanding pipeline, including notable progress being made on (1) irig with Ph. II CATALYST program initiation and (2) SB11285 with recently accepted IND filing. Additionally, strong cash position of $49.2M is sufficient to sustain OpEx/CapEx through 1Q21.”
According to TipRanks.com, Mamtani has 0 stars on 0-5 star ranking scale with an average return of -14.1% and a 22.0% success rate. Mamtani covers the Healthcare sector, focusing on stocks such as Arbutus Biopharma Corporation, Madrigal Pharmaceuticals Inc, and Allena Pharmaceuticals Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Spring Bank Pharmaceuticals Inc with a $17.50 average price target, implying a 289.8% upside from current levels. In a report issued on July 23, Chardan Capital also reiterated a Buy rating on the stock with a $25 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 $4.56 million. In comparison, last year the company had a GAAP net loss of $3.79 million.
Based on the recent corporate insider activity of 19 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.
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Spring Bank Pharmaceuticals, Inc. engages in discovery and development of a novel class of therapeutics using its proprietary small molecule nucleic acid hybrid (SMNH) chemistry platform. Its products are used for the treatment of viral infections, inflammatory diseases, and certain cancers.
