David Martin PhD, an analyst from Bloom Burton, maintained the Buy rating on HLS Therapeutics Inc. The associated price target was raised to C$12.00.
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David Martin PhD has given his Buy rating due to a combination of factors related to recent regulatory developments and product potential. HLS Therapeutics Inc. received approval from Health Canada for NILEMDO, a drug aimed at reducing LDL-Cholesterol in individuals at risk of cardiovascular disease. This approval is a positive development, as it enhances the company’s product portfolio and positions it to address a significant market need.
Despite a setback with the combo drug NEXLIZET receiving a notice of non-compliance, the issues were not related to clinical data, efficacy, or safety. Instead, they pertain to chemistry, manufacturing, and biopharmaceutics, which are areas that can be addressed with further clarification and data. While the timing for re-submission and potential approval is uncertain, the overall outlook remains positive, supporting the Buy rating.
In another report released on November 18, Raymond James also maintained a Buy rating on the stock with a C$7.00 price target.