Maxim Group analyst Michael Okunewitch maintained a Buy rating on Kiora Pharmaceuticals (KPRX – Research Report) yesterday and set a price target of $12.00.
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Michael Okunewitch has given his Buy rating due to a combination of factors, primarily revolving around the promising preclinical data for Kiora Pharmaceuticals’ KIO-104. The data presented at the ARVO meeting highlighted the drug’s potential in treating proliferative vitreoretinopathy (PVR), showing a significant reduction in scarring, particularly in the high dose group where complete prevention was observed. This suggests a strong therapeutic potential for KIO-104 in addressing retinal inflammatory conditions.
Moreover, the validation of the DHODH inhibitor mechanism, with successful precedents in other medical fields such as multiple sclerosis, further supports the potential of KIO-104. The involvement of 4SC, the chemistry company behind both KIO-104 and other successful DHODH inhibitors, adds credibility to the development program. These factors collectively underpin Okunewitch’s confidence in the stock, leading to the Buy rating for Kiora Pharmaceuticals.