Hansen, Mueller Industries director, sells $105,710 in stock
Investing.com - Jefferies raised its price target on Rezolute (NASDAQ:RZLT) to $14.00 from $13.00 on Thursday, while maintaining a Buy rating on the biopharmaceutical company’s stock. The new target sits well within the current analyst range of $9-$17, according to InvestingPro data.
The research firm noted that Rezolute shares have gained 49% year-to-date, outperforming the XBI biotech index which is up only 2.5% during the same period. InvestingPro data shows even more impressive gains, with the stock surging 128.78% over the past six months and currently trading near its 52-week high of $8.34.
Jefferies attributed the stock’s performance to several positive developments, including the Independent Data Monitoring Committee’s decision not to upsize the pivotal CHI trial, de-risking of Phase III baseline data, and strengthened cash position.
The firm believes Rezolute is currently undervalued at approximately $500 million enterprise value as it approaches pivotal topline results expected in mid-December, which could drive the stock up 100% or down 75% depending on outcomes.
Jefferies suggested the company could potentially file for full approval in CHI and accelerated approval in taHI based on evolving discussions with the FDA under Breakthrough Therapy Designation, with estimated peak sales for CHI reaching $415 million.
In other recent news, Rezolute has been making significant strides in its clinical and organizational developments. The company recently announced the FDA’s approval for a streamlined Phase 3 upLIFT study, allowing a single-arm, open-label study for its ersodetug program, which focuses on treating tumor hyperinsulinism. This approval enables Rezolute to conduct the study with fewer patients than initially required, facilitating a more efficient path to potential market entry.
Additionally, Rezolute has appointed Sunil Karnawat as its new Chief Commercial Officer. Karnawat brings extensive experience in global commercialization, having previously worked with companies like Cytokinetics and Ultragenyx. In financial updates, Cantor Fitzgerald has reiterated its Overweight rating on Rezolute, while Citizens JMP and H.C. Wainwright have maintained their Market Outperform and Buy ratings, respectively, with specific price targets set by each firm.
Furthermore, Rezolute has released a patient demographics poster for its ongoing Phase 3 sunRIZE study. This information was made available through a filing with the Securities and Exchange Commission and is accessible on the company’s website. These developments highlight Rezolute’s ongoing efforts in advancing its clinical programs and strengthening its leadership team.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.