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On Friday, Ascendiant Capital analysts adjusted their outlook for Outlook Therapeutics Inc. (NASDAQ: NASDAQ:OTLK), cutting the price target to $21 from $24, still well above the current trading price of $1.87. Despite the adjustment, the analysts maintained a Buy rating on the stock, aligning with the broader analyst consensus of 1.5 (Strong Buy).
The revised price target reflects a net present value analysis conducted by the analysts. They believe that the current valuation presents a significant upside from the current share price, with analyst targets ranging from $3 to $21. While the stock has fallen 73% over the past year, it has shown strong momentum with a 23% gain over the last six months.
In their comments, Ascendiant Capital analysts noted the balance between the company’s high risks and its growth prospects and large upside opportunities.
Outlook Therapeutics is currently trading on the NASDAQ exchange, and the company’s stock is being closely watched by investors.
In other recent news, Outlook Therapeutics announced the commercial availability of its drug LYTENAVA™ in Germany and the UK, marking a significant milestone as it becomes the first approved ophthalmic formulation of bevacizumab for wet age-related macular degeneration in these regions. The company has also launched a public offering of its common stock and accompanying warrants, with proceeds intended for general corporate purposes and working capital. Guggenheim analysts have maintained a Buy rating on Outlook Therapeutics, with a price target of $10, following the FDA’s acceptance of a resubmitted Biologics License Application for ONS-5010, which is set for a review date of August 27, 2025. The FDA’s acceptance represents a critical step towards potential approval in the U.S., where the drug could receive 12 years of regulatory exclusivity if approved. Outlook Therapeutics has expanded its authorized common stock from 60 million to 260 million shares, providing greater financial flexibility. The company also elected three new directors to its board and appointed KPMG LLP as its independent registered public accounting firm. Additionally, Outlook Therapeutics terminated an agreement with Streeterville Capital and used proceeds from a new convertible promissory note to repay existing obligations. These developments reflect the company’s ongoing efforts to strengthen its market presence and financial structure.
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