Maxim Group Reiterates a Buy Rating on Proteon

By Ryan Adsit

In a report issued on November 10, Jason McCarthy from Maxim Group reiterated a Buy rating on Proteon (NASDAQ: PRTO), with a price target of $19. The company’s shares closed last Friday at $8.90.

McCarthy noted:

“Binary event coming this December. The first of two phase III studies evaluating Proteon’s vonapanitase for the prevention AVF (arteriovenous fistula—used for dialysis venous access) failure is approaching data in December. “Good” data (P value on primary endpoint) could send valuation significantly higher and de-risks the second phase III study (1H18 data). A poor outcome on a binary event will likely send the stock markedly lower.”

According to TipRanks.com, McCarthy is ranked 0 out of 5 stars with an average return of -12.3% and a 27.7% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as ImmunoCellular Therapeutics, Stellar Biotechnologies, and Inovio Pharmaceuticals.

Currently, the analyst consensus on Proteon is Strong Buy and the average price target is $20, representing a 124.7% upside.

In a report issued on October 26, Raymond James also upgraded the stock to Buy.

The company has a one year high of $16.48 and a one year low of $4.90. Currently, Proteon has an average volume of 22.41K.

Based on the recent corporate insider activity of 8 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 PRTO in relation to earlier this year. Most recently, in June 2016, George Arthur Eldridge, the Sr VP, CFO, Treasurer, Sec. of PRTO bought 4,000 shares for a total of $23,107.

Proteon Therapeutics, Inc. is a biopharmaceutical company, which focuses on development of pharmaceuticals to address the needs of patients with kidney and vascular disease. It offers PRT-201, a recombinant human elastase that fragments elastin fibers in blood vessel walls. The company was founded by F. Nicholas Franano and William P. Whitaker in 2001 and is headquartered in Waltham, MA.