Analyst Explains Why They Upgraded Their Buy Rating on ContraVir Pharmaceuticals Inc

By Jason Carr

In a report released today, Jason McCarthy from Maxim Group upgraded ContraVir Pharmaceuticals Inc (NASDAQ: CTRV) to Buy, with a price target of $3. The company’s shares closed yesterday at $1.18, close to its 52-week low of $1.15.

McCarthy commented:

“ContraVir completed an equity financing, raising $10.8M in capital. We estimate the company has ~$11M in cash on the balance sheet and runway into early 2019. Small regional partnerships and other sources of non-dilutive capital could potentially extend the runway further. We have revised our model (see below), factoring in TXL + CRV431 combination regimens in the US and EU. Based on the capital raise and fundamental outlook of the company, we are upgrading CTRV shares to $3 price target (prior NA).”

According to TipRanks.com, McCarthy is a 4-star analyst with an average return of 10.7% and a 44.5% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as IntelliPharmaCeutics International, SELLAS Life Sciences Group Inc, and Sonoma Pharmaceuticals Inc.

ContraVir Pharmaceuticals Inc has an analyst consensus of Moderate Buy, with a price target consensus of $3.

See today’s analyst top recommended stocks >>

The company has a one-year high of $6.60 and a one-year low of $1.15. Currently, ContraVir Pharmaceuticals Inc has an average volume of 341.9K.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

ContraVir Pharmaceuticals, Inc. is a biopharmaceutical company, which is focused on the development and commercialization of targeted antiviral therapies with three candidates in the pipeline. The company’s two of antiviral candidates for treating hepatitis B include phase 2a clinical candidate TXL, a novel, potent analog of the antiviral drug tenofovir that has demonstrated the potential for low, once a day dosing compared to viread and decreased systemic exposure, thereby potentially reducing renal and bone side effects; and CRV431, a next generation cyclophilin inhibitor with a structure that increases its potency and selective index against hepatitis B virus. ContraVir Pharmaceuticals was founded on May 15, 2013 and is headquartered in Edison, NJ.