Miragen Therapeutics Inc Gets a Buy Rating from Oppenheimer

By Austin Angelo

In a report released today, Leah R. Cann from Oppenheimer assigned a Buy rating to Miragen Therapeutics Inc (NASDAQ: MGEN), with a price target of $13. The company’s shares opened today at $6.82, close to its 52-week low of $5.01.

R. Cann wrote:

“This second phase I is encouraging for miRagen’s collaboration with Servier for MRG-110. This follows encouraging preclinical results in wound healing presented last week. miRagen had previously announced that it anticipated a second phase I in this setting; therefore, this trial is expected. While MRG-110 is now in two phase I studies, we have not included any revenue impact from MRG-110 in our outlook beyond the 2018 milestone payments. We do believe this compound addresses a large and important market and could provide upside to our outlook before 2025. Currently, out outlook is based on miRagen’s lead compound, MRG-106 (cobomarsen).”

According to TipRanks.com, Cann is a 4-star analyst with an average return of 8.6% and a 48.6% success rate. Cann covers the Healthcare sector, focusing on stocks such as CytomX Therapeutics Inc, Crispr Therapeutics AG, and Intellia Therapeutics.

Currently, the analyst consensus on Miragen Therapeutics Inc is Strong Buy and the average price target is $16.50, representing a 141.9% upside.

In a report issued on April 23, Wedbush also reiterated a Buy rating on the stock with a $19 price target.

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Based on Miragen Therapeutics Inc’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $1.19 million and GAAP net loss of $6.39 million. In comparison, last year the company earned revenue of $462K and had a GAAP net loss of $6.99 million.

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Miragen Therapeutics, Inc. is a clinical stage biopharmaceutical company, which engages in the development of proprietary RNA-targeted therapeutics. Its product candidates, MRG-106 focuses on the treatment of cancer; and MRG-201 deals with the treatment of pathological fibrosis. The company was founded by William S. Marshall and Bruce L. Booth on February 13, 2007 and is headquartered in Boulder, CO.