Analyst Mani Foroohar from Leerink Partners reiterated a Buy rating on Benitec Biopharma (BNTC – Research Report) and keeping the price target at $20.00.
Mani Foroohar has given his Buy rating due to a combination of factors related to Benitec Biopharma’s recent activities and developments. The company announced a secondary offering, which includes shares of common stock and pre-funded warrants, aimed at raising approximately $30 million. This move is seen as a strategic step to bolster the company’s financial position.
Additionally, the updated data from the Phase 1/2 trial of BB-301, presented at the Muscular Dystrophy Association Conference, has reinforced confidence in the drug’s safety and its potential to stabilize or improve the swallowing function in patients with oculopharyngeal muscular dystrophy. These developments support the reiteration of a $20 price target and an Outperform rating, reflecting optimism about the company’s future prospects.
In another report released on March 28, Piper Sandler also maintained a Buy rating on the stock with a $30.00 price target.
Based on the recent corporate insider activity of 8 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 BNTC in relation to earlier this year.