Analyst Jason McCarthy of Maxim Group maintained a Buy rating on Chemomab Therapeutics (CMMB – Research Report), retaining the price target of $7.00.
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Jason McCarthy has given his Buy rating due to a combination of factors related to the promising data from Chemomab Therapeutics’ open-label extension study of nebokitug in primary sclerosing cholangitis (PSC). The study results demonstrated significant improvements in key biomarkers and clinical events, particularly for patients with moderate-to-severe disease who received the 20mg/kg dose. These findings suggest a compelling efficacy profile for nebokitug, especially in the targeted Phase 3 population.
Additionally, the upcoming Phase 3 study design, which is expected to be finalized in the first half of 2025, is strategically advantageous. It will focus on clinical events as endpoints rather than requiring invasive liver biopsies, making the trial more feasible and less costly. The feedback from the FDA supports this approach, which should facilitate enrollment and potentially expedite the path to full approval. These factors collectively contribute to a positive outlook for Chemomab’s stock, justifying the Buy rating.