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Canaccord Genuity has maintained its Buy rating and $72.00 price target for shares of Arcturus Therapeutics (NASDAQ: NASDAQ:ARCT).
The announcement followed the U.S. Food and Drug Administration's clearance for the biotechnology company to begin a Phase 2 multiple ascending dose (MAD) study for its cystic fibrosis treatment, ARCT-032.
Arcturus Therapeutics recently disclosed the results from its Phase 1/1b trials, which demonstrated promising early efficacy and a positive safety and tolerability profile for the treatment. With the Investigational New Drug (IND) application now approved, Arcturus is set to utilize the Cystic Fibrosis Foundation's Therapeutics Development Network and heightened patient interest to start enrolling Class I patients and others who are ineligible for current modulators.
Further details on the upcoming trial's design, including dosage and frequency, are expected to be disclosed when the trial is officially listed on clinicaltrials.gov. Canaccord Genuity has expressed confidence in the potential of Arcturus Therapeutics' cystic fibrosis program, suggesting it is an underappreciated aspect of the company's portfolio.
In other recent news, the biotechnology company received approval from the FDA to proceed with a Phase 2 clinical trial for its cystic fibrosis drug candidate, ARCT-032. This trial aims to assess the safety, efficacy, and tolerability of the drug in patients who are either ineligible for or unresponsive to existing therapies.
Additionally, investment firm William Blair maintained its Outperform rating on Arcturus, following the recent Investigational New Drug (IND) clearance for ARCT-032. The firm's confidence in the drug is based on the large market opportunity for cystic fibrosis patients who cannot benefit from existing treatments.
Arcturus also reported substantial Q2 2024 revenue of $49.9 million, despite a net loss of $17.2 million. The company maintains a robust cash position of $317.2 million, ensuring financial stability through Q1 2027. These results reflect significant progress across Arcturus' vaccine and therapeutic franchises, including the anticipated launch of its mRNA COVID-19 vaccine, Kostaive, in Japan.
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