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On Thursday, JMP Securities increased the price target for Benitec BioPharma (NASDAQ:BNTC) shares from $18.00 to $20.00, while keeping a Market Outperform rating on the stock. Currently trading at $12.17, BNTC has delivered an impressive 103% return over the past year. The adjustment follows positive clinical outcomes observed in patients treated with Benitec's BB-301 gene therapy. According to InvestingPro, analyst targets for the stock range from $17 to $35.
Analysts at JMP Securities have expressed their growing confidence in the BB-301 program after observing the 12-month outcomes in the first two patients and complete resolution of pathologic swallowing in a third patient. This efficacy data has led to an increased probability of success (PoS) estimation for the BB-301 treatment, prompting the revised price target. The company, with a market capitalization of $310 million, maintains strong liquidity with a current ratio of 25.48, though it remains unprofitable with an EBITDA of -$24 million.
Benitec BioPharma has been actively laying the foundation for the future development of BB-301 by identifying two distinct patient subgroups within the oculopharyngeal muscular dystrophy (OPMD) community. These include traditional OPMD patients experiencing residue-driven dysphagia and those with a mixed phenotype, suffering from both residue and pathologic swallowing issues.
The company anticipates that the data collected from these subgroups will be instrumental in future discussions with the FDA regarding potential endpoints for clinical trials. These developments are seen as a positive step forward for Benitec as it continues to advance its gene therapy program.
In other recent news, Benitec Biopharma Inc. has successfully completed its previously announced securities offerings, raising capital through both an underwritten offering and a registered direct offering. The company sold 1,143,000 shares of common stock at $13.00 each, alongside pre-funded warrants for 300,000 shares, and entered into a securities purchase agreement for an additional 900,000 shares. This capital raise enhances Benitec's financial flexibility, likely supporting its research and development initiatives. Additionally, Benitec has entered into a Registration Rights Agreement with Averill Master Fund, Ltd. and Averill Madison Master Fund, Ltd., allowing for the resale of shares acquired in the offering.
H.C. Wainwright has reaffirmed a Buy rating on Benitec BioPharma, maintaining a $28.00 price target, citing progress in the company's Phase 1b/2a clinical trial for BB-301, a treatment for oculopharyngeal muscular dystrophy. The trial is advancing, with plans to escalate dosage levels later this year. Meanwhile, JMP analysts have maintained a Market Outperform rating with an $18.00 price target, expressing optimism about Benitec's "silence and replace" strategy. The company recently reported sustained improvements in swallowing function in subjects treated with BB-301, with no severe adverse events observed. These developments reflect Benitec's ongoing efforts to advance its clinical programs and strategic financial maneuvers.
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