Gold prices just lower; monthly gains on track
On Monday, Leerink Partners maintained their Outperform rating and $13.00 price target on shares of Benitec BioPharma (NASDAQ:BNTC).
he firm's stance comes after the biotechnology company reported additional data from its Phase 1b/2a trial of BB-301 for treating oculopharyngeal muscular dystrophy (OPMD) at the 29th Annual Congress of the World Muscle Society.
Benitec BioPharma announced that the trial demonstrated improved Total Pharyngeal Residue (TPR) and Sydney Swallow Questionnaire (SSQ) scores in the first two patients dosed with BB-301. These improvements were noted to be durable up to Day 270 and Day 180, respectively. Furthermore, these results were compared to the average and final predose measurements and did not present any new adverse event signals.
The SSQ scores and sub-scores, which are patient-reported outcomes, showed a strong correlation with TPR at both pre-dose baseline and post-dose levels. This correlation was expected as a reduction of excess residue in the pharynx following a first swallow attempt is likely to significantly improve patient-reported outcomes.
According to Benitec BioPharma, a third patient is anticipated to be dosed with BB-301 later this month. Subsequent patients will follow a standard approximately 60-day staggered dosing schedule. After this phase, the study will progress to a higher-dose cohort.
In addition to the trial update, Benitec's management has scheduled a webcast for 8:30 am ET on Monday to review the interim results. The webcast will provide an opportunity for stakeholders to gain insights into the progress of the BB-301 trial and its potential implications for the treatment of OPMD.
In other recent news, Benitec Biopharma issued shares following the exercise of warrants by Suvretta Capital Management, LLC, resulting in approximately $21.1 million in proceeds. This action was approved by the company's stockholders and resulted in the issuance of over 7 million shares to Suvretta Funds.
Analysts from Piper Sandler and JMP Securities have maintained their Overweight and Market Outperform ratings, respectively, citing the potential of the BB-301 program. Benitec Biopharma also welcomed Kishen Mehta, a portfolio manager at Suvretta Capital, to its Board of Directors after a $40 million private investment by Suvretta Capital. This appointment is part of the company's strategy to strengthen its governance as it advances the Phase 1b/2a study of BB-301.
InvestingPro Insights
Benitec BioPharma's recent positive trial results are reflected in its strong market performance. According to InvestingPro data, BNTC has shown significant returns over various timeframes, with a 33.25% return in the last month and an impressive 218.48% return over the past year. This aligns with the company's progress in its Phase 1b/2a trial of BB-301 for OPMD treatment.
Despite these encouraging developments, InvestingPro Tips highlight some financial challenges. The company is not profitable over the last twelve months and analysts do not anticipate profitability this year. This is consistent with the nature of biotechnology companies in the development stage, where significant investments in research often precede revenue generation.
On a positive note, Benitec holds more cash than debt on its balance sheet, which could provide financial flexibility as it advances its clinical trials. The company's market capitalization stands at $194.33 million, reflecting investor optimism about its potential.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for BNTC, providing a deeper understanding of the company's financial health and market position.
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