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Investing.com - H.C. Wainwright lowered its price target on Cocrystal Pharma, Inc. (NASDAQ:COCP) to $6.00 from $7.00 while maintaining a Buy rating on Friday, citing anticipated equity dilution despite positive drug development progress. The company, currently trading at $1.55 with a market cap of $15.8 million, maintains a strong liquidity position according to InvestingPro data, with cash reserves exceeding debt obligations.
The firm’s adjustment comes as Cocrystal’s investigational drug candidate CDI-988 demonstrated binding to the highly conserved region of the GII.17 protease with "excellent potency," comparable to its effectiveness across GII.4 norovirus variants that were dominant worldwide until this year.
Cocrystal reported positive multiple ascending dose data with CDI-988 earlier in 2025 and favorable single ascending dose data last year, using high-resolution GII.17 protease crystal structures obtained through the company’s proprietary structure-based platform.
CDI-988 represents Cocrystal’s first pan-viral protease inhibitor with potential applications for both prevention and treatment of norovirus and coronavirus infections, addressing a significant unmet medical need as there are currently no approved antivirals or vaccines for norovirus.
The company plans to initiate a human challenge study in norovirus-infected subjects later in 2025, with H.C. Wainwright noting the norovirus market could be accessible upon successful completion of a single human challenge proof-of-concept trial, potentially through stockpiling contracts with governments, public health entities, and cruise ship operators.
In other recent news, Cocrystal Pharma has reported promising results from a virology study on its influenza drug candidate, CC-42344. The study indicates that CC-42344 has potent antiviral activity against the H5N1 avian influenza strain, which was first detected in a Texas dairy cow in 2024. The drug targets the PB2 protein of the virus, showing approximately 1,000 times more potency than the reference antiviral Tamiflu. Cocrystal Pharma is developing CC-42344 as an oral treatment for both pandemic and seasonal influenza A infections, with early studies suggesting a favorable safety profile. The emergence of the H5N1 virus in cows and its potential for human transmission have heightened the need for effective treatments. Cocrystal’s management, including President and co-CEO Sam Lee, expressed optimism about these findings, which further validate their drug discovery platform. The company plans to advance CC-42344 through clinical evaluation, with a Phase 2a study on the horizon.
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