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On Wednesday, Citizens JMP reiterated its Market Outperform rating and $18.00 price target for Benitec BioPharma (NASDAQ:BNTC), whose stock has surged over 277% in the past year. The endorsement follows the company’s recent quarterly update, which detailed advancements in its FiH OPMD trial. The trial saw the dosing of three additional patients since October 2024. According to InvestingPro data, analyst targets for BNTC range from $17 to $35, suggesting significant potential upside from current levels.
Benitec BioPharma, currently valued at $263.83 million, has been actively engaged in developing its therapeutic strategies. The focus of the recent quarterly update was on the progress of their FiH OPMD trial, where they successfully administered doses to three more patients. This marks a significant step forward since the last update in October 2024, contributing to the stock’s impressive 10.39% gain over the past week.
The company is scheduled to present further details at the upcoming MDA Conference on March 19th in Dallas, TX. The presentation will include extended follow-up results from the first two patients and interim data from the third patient. This upcoming event is anticipated to shed more light on the efficacy and potential of Benitec’s treatment approach.
Analysts at Citizens JMP have expressed optimism about the forthcoming data, suggesting that it could substantiate Benitec’s "silence and replace" strategy. This method is a cornerstone of the company’s approach to treating genetic diseases and has been a focal point of interest for both the medical community and investors.
The positive remarks from Citizens JMP reflect confidence in Benitec’s ongoing clinical trials and its strategic direction. The firm anticipates that the data to be released at the MDA Conference could lead to significant gains for the company as it continues to navigate through 2025.
In other recent news, Benitec Biopharma has been making significant strides in the biotechnology sector. The company unveiled interim data from its ongoing Phase 1b/2a clinical study of BB-301, a novel gene therapy candidate for treating Oculopharyngeal Muscular Dystrophy (OPMD). The interim data showed that the first two subjects treated with BB-301 experienced improvements in swallowing function. H.C. Wainwright and Baird have both initiated coverage on Benitec, setting price targets of $28.00 and $30.00 respectively, citing the potential of the company’s gene therapy.
Benitec has also seen changes in its executive team, with the appointment of Sophie Mukadam as the new Chief Operating Officer and Megan Boston as the Chief Financial Officer. The company also granted stock options to Dr. Jerel Banks, the Chairman and CEO, and Ms. Boston. In addition, Benitec has amended its corporate charter to authorize the issuance of up to 5 million shares of preferred stock, a move that could provide the company with additional flexibility to finance its operations. These are all recent developments that underline the ongoing momentum at Benitec Biopharma.
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