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The Biotech Analyst Run Down For Wednesday

Jul. 08, 2020 9:16 AM ETBLFS, COCP, DMAC, IBRX4 Comments
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Moderation in temper is always a virtue; but moderation in principle is always a vice."- Thomas Paine

Stocks gave back some of their gains from Monday in trading Tuesday.  The S&P 500 fell one percent while the NASDAQ pulled back nearly three quarters of one percent.  Pre-market futures are currently flat.  We did see a huge spike in new mortgage purchase applications last week.  Consumers are also taking advantage of historically low rates as refinancing mortgage applications are up better than 110% from a year ago.  That should boost consumer's balance sheets and confidence.  

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Here are four biotech stocks analyst firms like this Wednesday.

Diamedica Therapeutics (DMAC) sees only the second analyst action on its stock so far in 2020 this morning.  Maxim Group initiates the shares as a new Buy with a $14 price target and the following commentary.

The company is targeting an "unmet need" in the treatment of chronic kidney disease and acute ischemic stroke, or AIS, with DM199 as a "recombinant version of human tissue kallikrein-1".  Maxim's analyst adds that DiaMedica's top-line data from its phase 2 REMEDY study in AIS exhibited better outcomes for patients in the treatment arm, with the trial a 22% increase in the proportion of patients making a full or near-full recovery."

Those 'Peaceful' Protests:  There were 250 victims of shootings across New York City between June 1 and June 28—an increase of nearly 160 percent from the same period last year, and the largest number for that four-week time frame since 1996. 

Next up is BioLife Solutions (BLFS) which has seen a lot of analyst support over the past week.  Last week, Lake Street reissued its Buy rating and $25 price target on BLFS.  Oppenheimer took a similar action Monday with a $22 price target.  Today, Northland Securities maintains its Buy rating and $28 price target on the shares.  The company did complete a secondary offering yesterday it should be noted.

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NantKwest (NK) sees the first analyst action I can find on the shares in 2020 today.  Piper Sandler assigns a new Outperform rating and $18 price target.  Sandler's analyst states 'With manufacturing now scaled, the haNK cell therapy platform "remains compelling" given its off-the-shelf nature, multiple mechanisms of cytotoxicity and established tolerability. The platform has now moved into Phase II studies with an approach that is not too different from traditional cell therapies, adds the analyst. The analyst expects the NK cell therapy space to "pick up steam" over the next couple of years and believes NantKwest "could be at the forefront."

Job Market Stabilizing: 'In May, 1.8 million workers were laid off or otherwise discharged from their jobs, the Labor Department said Tuesday. That was down from 7.7 million in April and 11.5 million in March. May’s dismissals were in line with the numbers reported in January and February, before the pandemic shut swaths of the U.S. economy.'  Hopefully, recent Covid19 case spikes in reopening states won't curtailed continued progress on this front.

Finally, micro cap Cocrystal Pharmaceuticals (COCP) is starting to see some analyst support recently.  Today, H.C. Wainwright maintains its Buy rating and $10 price target on this small antiviral developmental concern based in Washington state.  Three weeks ago, Noble Financial initiated the shares as a new Buy with a $5 price target.  COCP currently trades for under two bucks a share.

And those are four biotech stocks getting the 'thumbs up' before the bell on this Wednesday morning.

A man who catches History's eye is thereafter bound to a mistress from whom he will never escape.”― Salman Rushdie, Shame

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