Oppenheimer Reiterates a Buy Rating on Catabasis Pharmaceuticals

By Ryan Adsit

In a report released yesterday, Hartaj Singh from Oppenheimer reiterated a Buy rating on Catabasis Pharmaceuticals (NASDAQ: CATB), with a price target of $11. The company’s shares closed yesterday at $1.70, close to its 52-week low of $1.08.

Singh said:

“Catabasis (CATB) reported 4Q16 earnings and provided a business update. The company has already had an eventful 2017 with edasalonexent not meeting its primary and secondary endpoints in Part B of the MoveDMD clinical trial in late January. However, a potential efficacy signal was noted and the focus on the earnings call was Part C of the MoveDMD trial, which should read out later in 2017. We are cautiously optimistic that long-term treatment in Part C might show enough of an efficacy signal for the drug to move forward into further clinical trials; there is animal data to back this up.”

According to TipRanks.com, Singh is a 1-star analyst with an average return of -0.4% and a 54.8% success rate. Singh covers the Healthcare sector, focusing on stocks such as Syndax Pharmaceuticals Inc, Alexion Pharmaceuticals, and Paratek Pharmaceuticals.

Catabasis Pharmaceuticals has an analyst consensus of Moderate Buy, with a price target consensus of $7.33.

Based on Catabasis Pharmaceuticals’ latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $0 and GAAP net loss of $8.42 million. In comparison, last year the company earned revenue of $0 and had a GAAP net loss of $9.61 million.

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Catabasis Pharmaceuticals, Inc. operates as a clinical-stage biopharmaceutical company. It focuses on the discovery, development, and commercialization of therapeutics for the treatment of cardiovascular, metabolic and inflammatory diseases. The company was founded by Jill C. Milne, Michael Jirousek and Steven Shoelson on June 26, 2008 and is headquartered in Cambridge, MA.