Analyst Ram Selvaraju from H.C. Wainwright reiterated a Buy rating on Benitec Biopharma (BNTC – Research Report) and keeping the price target at $28.00.
Ram Selvaraju’s rating is based on the promising results from Benitec Biopharma’s ongoing clinical trials for their lead candidate, BB-301. The low-dose administration of BB-301 has shown significant improvements in patients with oculopharyngeal muscular dystrophy (OPMD), particularly in swallowing function and reduction of dysphagic symptoms. The interim results from the Phase 1b/2a trial demonstrated durable improvements, with subjects experiencing clinically meaningful reductions in symptom burden and enhancements in swallowing efficiency and effectiveness.
Furthermore, the absence of severe adverse events in the study subjects adds to the positive outlook for BB-301. The promising data, coupled with the expectation of treating a second cohort with a higher dose, supports the potential of BB-301 as a viable treatment option. These factors contribute to Selvaraju’s confidence in Benitec Biopharma, leading to a reiterated Buy rating and a 12-month price target of $28 per share.
In another report released on March 20, Piper Sandler also maintained a Buy rating on the stock with a $30.00 price target.
Based on the recent corporate insider activity of 7 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.