In a report released today, Hartaj Singh from Oppenheimer reiterated a Buy rating on Catabasis Pharmaceuticals (NASDAQ: CATB), with a price target of $7. The company’s shares opened today at $0.73, close to its 52-week low of $0.61.
Singh noted:
“Catabasis (CATB) reported 2Q18 sales/earnings and provided a business update to investors this morning. The company has initiated the PolarisDMD Phase 3 registrational trial, with the first patient being treated sometime in the next month or so. Some US sites have gained IRB approval and been initiated. We adjust OPEX accordingly and look forward to continuing updates on recruitment over the next few quarters, as faster than expected patient (n=125) accrual could move the trial readout timing up (currently 2Q20). CATB is thoughtfully approaching a potential meeting with FDA (likely 1H19) to discuss an accelerated approval filing for edasanolexent. This would be based on the robust Phase 2 MoveDMD data, with PolarisDMD then becoming a confirmatory study. We stay bullish on the name.”
According to TipRanks.com, Singh is a 4-star analyst with an average return of 10.8% and a 49.0% success rate. Singh covers the Healthcare sector, focusing on stocks such as Strongbridge Biopharma Plc, Syndax Pharmaceuticals Inc, and Actinium Pharmaceuticals.
Catabasis Pharmaceuticals has an analyst consensus of Moderate Buy, with a price target consensus of $5, implying a 584.9% upside from current levels. In a report released today, Wedbush also reiterated a Buy rating on the stock with a $3 price target.
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The company has a one-year high of $3.78 and a one-year low of $0.61. Currently, Catabasis Pharmaceuticals has an average volume of 834.9K.
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Catabasis Pharmaceuticals, Inc. operates as a clinical-stage biopharmaceutical company. It focuses on the discovery, development, and commercialization of therapeutics for the treatment of cardiovascular, metabolic and inflammatory diseases.
