TD Cowen analyst Ritu Baral has maintained their neutral stance on ANTX stock, giving a Hold rating on March 27.
Ritu Baral has given his Hold rating due to a combination of factors related to AN2 Therapeutics, Inc.’s recent clinical trial outcomes and financial position. The company’s Phase 2/3 EBO-301 study for rNTM showed mixed results, with the primary endpoint of binary responder MACrO response rate not reaching statistical significance, and the secondary endpoint of sputum culture conversion also not met. However, a significant improvement was observed in the QOL-B respiratory domain score, which is a positive aspect.
Despite these mixed clinical results, AN2 has a solid cash position of $88 million, projected to support operations through 2027. This financial stability provides a buffer as the company plans to initiate further trials, including a Phase 1 trial for Chagas disease and a Phase 2 proof-of-concept study for melioidosis. Given the ongoing developments and the need for further data to assess the full potential of their pipeline, Ritu Baral’s Hold rating reflects a cautious approach, awaiting more decisive outcomes from upcoming trials.
In another report released on March 27, Leerink Partners also maintained a Hold rating on the stock with a $1.00 price target.