Analyst Silvan Tuerkcan of JMP Securities maintained a Buy rating on Benitec Biopharma (BNTC – Research Report), boosting the price target to $20.00.
Silvan Tuerkcan has given his Buy rating due to a combination of factors surrounding Benitec Biopharma’s recent clinical trial results and financial developments. The company presented promising data at the MDA conference, showing sustained improvements in swallowing capabilities in patients treated with BB-301. Notably, the first two patients demonstrated continued benefits at 12 months, while a third patient showed significant progress at 3 months, including complete resolution of pathologic swallowing.
These positive outcomes have bolstered confidence in the BB-301 program, leading to an increased price target from $18 to $20. Additionally, Benitec’s successful $30 million follow-on offering provides further financial stability to support ongoing and future developments. The identification of distinct patient subgroups for treatment also positions the company favorably for future regulatory discussions. These factors collectively underpin the Buy rating assigned by Tuerkcan.
According to TipRanks, Tuerkcan is an analyst with an average return of -8.8% and a 30.84% success rate. Tuerkcan covers the Healthcare sector, focusing on stocks such as Exelixis, Solid Biosciences, and Benitec Biopharma.
In another report released on March 31, Leerink Partners also reiterated a Buy rating on the stock with a $20.00 price target.