Matinas Posts Quarterly Loss In-Line With Expectations

Matinas BioPharma incurred a loss of $0.03 per share in 4Q, which met analysts’ expectations. The reported loss by the biopharmaceutical company was smaller than the prior-year quarter’s loss of $0.04 per share.

Matinas’ (MTNB) research and development expenses increased 2.9% on a year-over-year basis to $3.5 million in the quarter, while total general and administrative expenses surged 30.4% to $3 million.

Matinas CEO Jerome D. Jabbour said, “The completion of the head-to-head ENHANCE-IT trial of LYPDISO vs. Vascepa and the results which support the potential for LYPDISO to demonstrate a superior cardioprotective effect to Vascepa, have positioned us to identify and potentially secure a global partner for the continued development of this promising, next-generation drug.” (See Matinas stock analysis on TipRanks)

On Feb. 1, Maxim Group analyst Jason McCarthy maintained a Buy rating and a price target of $3 (168% upside potential).

According to McCarthy, “the overall data set for ENHANCE is actually quite good and the next step is likely an outcomes trial, potentially with a partner.”

Furthermore, the analyst said, “In addition, while we await next steps for Lypdiso, don’t forget Matinas has a pipeline with updates expected in 2021 (MAT2203, MAT2501, LNC-based collaborations) and the company has cash runway likely through 2022, ~$60M. Combined, we view MTNB shares as oversold and would Buy on the weakness.”

Shares have rallied 60% over the past year, while Wall Street analysts are still bullish about the stock. The Strong Buy consensus rating boasts 4 unanimous Buy ratings. Looking ahead, the average analyst price target stands at $3.67, putting the upside potential at about 227.7% over the next 12 months.

Related News:
KBR Provides Long-Term Financial Targets; Shares Pop 13%
Bioventus’ 4Q Results Outperform Analysts’ Expectations
Satsuma Posts Wider-Than-Feared Quarterly Loss

Stay Ahead of Everyone Else

Get The Latest Stock News Alerts