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On Friday, H.C. Wainwright analysts maintained their Buy rating and $28.00 price target for Benitec BioPharma (NASDAQ:BNTC) shares, suggesting significant upside from the current price of $11.57. With analyst targets ranging from $17 to $35, the company, currently valued at $264 million, has drawn attention for its potential. The firm’s positive stance comes in light of the ongoing progress in the company’s Phase 1b/2a trial of its lead clinical candidate, BB-301. According to InvestingPro data, BNTC has demonstrated strong momentum with a remarkable 219% return over the past year.
The trial has recently reached new milestones, with the fourth subject receiving a low dose of BB-301 in December 2024, followed by the fifth patient early this week. The treatment of these subjects reportedly went smoothly, with no severe adverse events (SAEs) recorded. The sixth subject is scheduled to be treated with the same low dose of BB-301 in the next quarter. InvestingPro analysis shows the company maintains a strong financial position with a healthy current ratio of 25.48, indicating robust liquidity to support its clinical programs.
The interim study results have shown promising outcomes. The first two subjects treated with BB-301 have experienced durable and clinically significant reductions in dysphagic deficits after nine months and six months of treatment, respectively. These results are particularly notable as dysphagia, or difficulty swallowing, can significantly affect patients’ quality of life. While the company is not yet profitable, InvestingPro data reveals it holds more cash than debt on its balance sheet, providing financial flexibility for continued clinical development.
H.C. Wainwright’s analysts remain optimistic about the potential of BB-301, with the analyst stating, "We reiterate our Buy rating and 12-month price target of $28 per share." The firm’s continued confidence in Benitec BioPharma reflects the encouraging data emerging from the clinical trial and the absence of any severe adverse events among participants to date.
Investors and stakeholders in Benitec BioPharma will likely keep a close watch on the company’s progress as it moves forward with its BB-301 trials, especially with the treatment of additional subjects and the anticipation of further results in the coming months.
In other recent news, Benitec BioPharma has been in the spotlight with several significant developments. The company recently shared updates from its ongoing Phase 1b/2a clinical study of BB-301, a gene therapy for Oculopharyngeal Muscular Dystrophy (OPMD), at the Muscular Dystrophy Association Clinical and Scientific Conference. Interim data revealed that the first two subjects treated experienced improvements in swallowing function, with more results expected soon. Analysts at Citizens JMP reiterated a Market Outperform rating with an $18.00 price target, expressing optimism about Benitec’s ongoing clinical trials and strategic direction.
Meanwhile, H.C. Wainwright initiated coverage on Benitec with a Buy rating and a $28.00 price target, citing the potential of the company’s proprietary Silence and Replace platform. Baird also set a $30.00 price target, highlighting the promising clinical results of BB-301 and its potential to address unmet medical needs in OPMD treatment. Additionally, Benitec announced executive team changes, appointing Sophie Mukadam as Chief Operating Officer and Megan Boston as Chief Financial Officer, effective January 1, 2025.
These developments underscore Benitec’s focus on advancing its gene therapy platform and strengthening its leadership team. The company’s strategic moves and clinical progress have garnered attention from multiple analyst firms, reflecting confidence in its potential to impact the treatment landscape for genetic disorders.
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