The Biotech Analyst Run Down For Thursday
...some men aren't looking for anything logical, like money. They can't be bought, bullied, reasoned, or negotiated with. Some men just want to watch the world burn.”― Michael Caine
The market rose again on Wednesday, following up on Tuesday's rally. The S&P 500 was up nearly one percent on the day. The real action, however, was in the small caps as the Russell 2000 rose more than three and a half percent yesterday. Optimism on the Covid19 vaccine front buoyed investor confidence even as worries remain that additional states could roll back reopening measures like California has recently.
Pre-market futures are pointing to some profit taking in the early going.
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As we await the opening bell, here are four biotech and healthcare stocks analyst firms like this Thursday morning.
KORU Medical Systems (KRMD) gets a new 'shout out' from Canaccord Genuity today. The analyst firm slaps a new Buy rating and $13 price target on the stock. Canaccord's analyst 'sees a captive market opportunity in immunoglobulin and a compelling value proposition giving KORU the potential to emerge as the standard of care in large volume subcutaneous drug delivery'
July 4th rang in the bloodiest weekend in recent memory in New York City, with 60 New Yorkers shot and 12 dead. The following week saw a 600 percent increase in shootings and a 1-year-old baby shot dead in his stroller in Brooklyn.
NextCure (NXTC) is seeing a lot of attention from the analyst community this week. Today, Benchmark is upgrading the name to a Buy from Hold and placing a $17 price target on its shares. BTIG ($30 price target), Piper Sandler and Needham ($27 price target) have reissued Buy ratings this week. It should be noted that four analyst firms including Morgan Stanley reiterated Hold ratings on NextCure Monday when the company announced it was discontinuing a mid-stage trial.
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Sutro Biopharma (STRO) is initiated as a new Buy today at Wells Fargo with an $18 price target. Here is the take from the analyst there.
With the stock trading near cash value and undervalued relative to its ownership on vaccine maker Vaxcyte (PCVX) alone, the analyst sees significant upside potential to Sutro's novel cell-free antibody platform, pipeline of wholly owned and partnered antibody drug conjugated and bispecific antibodies and lead opportunities targeting the folate receptor, CD74, BCMA, and EGFR:MUC1"
Six weeks after Governor Cuomo locked down New York, hospitals were still admitting nearly 1,000 Covid patients a day. Mr. Cuomo directed them to survey patients about their habits. Lo, nearly all patients were unemployed or retired and claimed to be sheltering in place.
Despite massive share gains in 2020, analysts still see upside in Covid19 vaccine play Novavax (NVAX). H.C. Wainwright reissues its Buy rating and $132 today on NVAX. B.Riley FBR does the same and lifts its price target all the way up to $155, from just $106 previously.
And those are four small caps garnering some positive analyst commentary before the bell this Thursday.
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