Analyst Rami Katkhuda from LifeSci Capital maintained a Buy rating on Eledon Pharmaceuticals and keeping the price target at $9.00.
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Rami Katkhuda has given his Buy rating due to a combination of factors, primarily focusing on the promising developments in Eledon Pharmaceuticals’ kidney transplant treatment. The company has reported encouraging interim data from its Phase Ib study, which evaluates the use of tegoprubart in kidney transplant recipients. Patients who were on tegoprubart for a year showed improved kidney function compared to historical data with current standard-of-care treatments, suggesting a potential for better long-term outcomes.
Additionally, tegoprubart has demonstrated a favorable safety profile, with no serious adverse effects commonly associated with existing treatments. These results not only highlight the drug’s potential efficacy but also help mitigate risks associated with the upcoming Phase II BESTOW study readout. The company’s solid financial position, with sufficient cash reserves to fund operations through 2026, further supports the Buy rating, as it provides a stable foundation for continued research and development efforts.
Katkhuda covers the Healthcare sector, focusing on stocks such as VYNE Therapeutics, Vera Therapeutics, and Dianthus Therapeutics. According to TipRanks, Katkhuda has an average return of 14.7% and a 49.21% success rate on recommended stocks.
In another report released today, Leerink Partners also reiterated a Buy rating on the stock with a $8.00 price target.