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Monday - H.C. Wainwright has updated its outlook on shares of Monopar Therapeutics (NASDAQ: MNPR), raising the price target to $6.00 from the previous $2.00. This adjustment comes in conjunction with maintaining a Buy rating for the biopharmaceutical company's stock.
On August 9, Monopar Therapeutics disclosed its financial outcomes for the second quarter of 2024, which included no generated revenues, aligning with the consensus estimates. The reported net loss was $0.10 per share, slightly higher than the anticipated $0.09 per share. Following these results, H.C. Wainwright revised their financial model for Monopar.
For the year 2024, the firm projects that Monopar will continue to have no revenue and anticipates a net loss of $2.06 per share. The update highlighted Monopar's cash and cash equivalents, totaling $5.8 million at the close of the second quarter, which are expected to sustain the company's operations into the first quarter of 2025.
Moreover, Monopar announced a 5-for-1 reverse stock split scheduled to take effect today. This move is anticipated to influence the company's share structure and is part of the rationale behind the revised price target. The analyst from H.C. Wainwright noted, "To account for this upcoming reverse split and as well as future financing option, we raise our 12-month price target to $6.00 per share from $2.00."
In other recent news, Monopar Therapeutics has announced a reverse stock split in compliance with Nasdaq listing rules, consolidating every five shares into one and reducing the total number of outstanding shares from around 17.6 million to approximately 3.5 million.
The company also received a Buy rating from Jones Trading, following its strategic pivot to radiopharmaceuticals. This move aligns with active market trends, including successful commercialization and M&A activity within the pharmaceutical industry.
Monopar Therapeutics has also expanded its partnership with NorthStar Medical Radioisotopes, securing a long-term contract for the supply of actinium-225, a radioisotope used in cancer treatment. The company now fully owns its MNPR-101 radiopharmaceutical platform and certain jointly developed intellectual property.
Moreover, Monopar announced the retirement of CFO Kim R. Tsuchimoto, with Karthik Radhakrishnan set to take over her roles. Radhakrishnan brings over 20 years of experience in financial strategy and investment to the company. These developments highlight Monopar's ongoing efforts in the field of radiopharmaceuticals for cancer treatment.
InvestingPro Insights
As Monopar Therapeutics (NASDAQ: MNPR) navigates a challenging financial landscape, highlighted by a recent 5-for-1 reverse stock split and a net loss report, investors are keenly observing the company's market dynamics. According to InvestingPro data, Monopar's market capitalization stands at approximately $7.78 million, reflecting the current valuation of the company. Despite a lack of profitability with a reported net loss of $0.10 per share for Q2 2024, the InvestingPro Tips indicate that Monopar holds more cash than debt on its balance sheet, which aligns with H.C. Wainwright's note on the company's cash reserves.
InvestingPro Tips also suggest that Monopar's stock may be in oversold territory, as indicated by the Relative Strength Index (RSI). This could be of interest to potential investors looking for entry points. Furthermore, while the stock has experienced significant volatility, with a 6-month price total return of 33.53%, it has also faced a substantial decline over the last month, with a price total return of -37.9%. These metrics underscore the stock's recent performance and may influence investor decisions in light of the updated outlook from H.C. Wainwright.
For those seeking a deeper analysis, InvestingPro offers additional insights and tips on Monopar Therapeutics, which can be accessed for further informed investment decisions.
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