Updated Aug 10 at 7:05pm ET.
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Baird raised its target to $120, a 33 percent increase from its previous level. The firm is encouraged by the company's ability to enroll patients in its studies faster than expected and the early data showing its drugs are safe and effective.
Source: Robert W. Baird
Wedbush raised its target from $100 to $130 while keeping an Outperform rating. This move comes after the company shared successful early data for its lead drug candidates, which suggests they could work as well as or better than current treatments.
The higher target reflects more confidence that these drugs will succeed in human tests. For a biotech company with no revenue, these analyst shifts often follow major data reveals that lower the risk of the drugs failing.
Source: Wedbush
Wells Fargo increased its price target from $90 to $115 and kept its Overweight rating. The firm is responding to the company's recent update on its clinical trials, which showed that its experimental treatments for bowel disease are moving forward as planned.
Source: Wells Fargo
The company reported a loss of 36 cents per share, which was much better than the 76 cent loss analysts expected. Because this is a biotech firm still developing its first products, it has no revenue yet. What matters more than the loss is the $1.1 billion in cash it has on hand, which is enough to pay for its research and operations through the second half of 2029.
Management also shared positive results from its Phase 2 trials for SPY001 and SPY002, which are being tested for inflammatory bowel disease. These early results suggest the drugs are safe and could be highly effective. The company is on track for six more trial readouts this year, including data for rheumatoid arthritis in September. These tests are the main events that will determine if the company's long-acting shots can win market share from current treatments.
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Source: 8-K filing
Wolfe Research lowered its rating to Peer Perform, which means the analyst expects the stock to perform in line with other companies in its sector. This is a move to a neutral stance after a period where the stock has risen significantly.
For long-term owners, this reflects a view that much of the excitement about the company's upcoming drug trials is already reflected in the current price. The business itself remains unchanged, but the analyst sees less room for the stock to jump higher from here until more data arrives.
Analysts raised their price targets for the stock following the company's latest earnings report. Twelve of thirteen analysts rate the stock a buy, and the average target price is roughly equal to the current price of $105.
The company has a habit of losing less money than analysts expect, which suggests management is disciplined with its spending while it hunts for a blockbuster drug.
| Expectation | |
|---|---|
| EPS | $-0.80 |
| Revenue | — |
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