Needham Reiterates a Hold Rating on AchaogenBy Jason Carr
“Achaogen provided a 3Q16 corporate update yesterday. Enrollment has ended in both cohorts of plazomicin Phase 3 CARE trial in Carbapenem- Resistant Enterobacteriaceae (CRE) infections and in Phase 3 EPIC trial in complicated Urinary Tract Infections (cUTI). Mgmt accelerated guidance for top-line results and now plans to make an announcement in late 4Q16 (was early 2017). Although we expect positive outcomes, we have concerns around size of commercial opportunity and maintain HOLD.”
According to TipRanks.com, Carr is a 4-star analyst with an average return of 3.3% and a 40.9% success rate. Carr covers the Healthcare sector, focusing on stocks such as Catalyst Biosciences Inc, Lexicon Pharmaceuticals, and Aquinox Pharmaceuticals.
Achaogen has an analyst consensus of Hold.
The company has a one year high of $6.24 and a one year low of $2.59. Currently, Achaogen has an average volume of 192.7K.
Based on the recent corporate insider activity of 24 insiders, corporate insider sentiment is neutral on the stock.
Achaogen, Inc. operates as a clinical-stage biopharmaceutical company. It discovers, develops and commercializes novel antibacterials to treat multi-drug resistant (MDR) gram-negative infections. develops plazomicin for the treatment of serious bacterial infections due to MDR enterobacteriaceae, including carbapenem-resistant enterobacteriaceae. The company was founded in June 2002 and is headquartered in South San Francisco, CA.