Maxim Group analyst Michael Okunewitch maintained a Buy rating on Kiora Pharmaceuticals (KPRX – Research Report) yesterday and set a price target of $3.00.
Michael Okunewitch has given his Buy rating due to a combination of factors, including the promising financial and clinical outlook for Kiora Pharmaceuticals. The company’s first-quarter results for the year 2024 revealed a robust net income of $13.5 million, buoyed by a significant upfront payment from a partnership with Laboratoires Théa. This partnership not only provides immediate funding but also outlines a future stream of potential payments based on clinical, regulatory, and commercial milestones. Importantly, Kiora’s cash position is strong, with enough capital to fund operations through 2026, alleviating any near-term financing concerns and setting a stable financial course for the company.
Furthermore, the clinical progress of Kiora’s lead asset, KIO-301, is particularly encouraging. The compound has shown the potential to restore vision in patients with retinitis pigmentosa, a condition with limited treatment options. Recent fMRI data presented at ARVO has highlighted statistically significant increases in neural activity in the visual cortex, providing objective evidence of the drug’s ability to improve functional vision. As Kiora gears up for the ABACUS-2 study in the second half of 2024, following a crucial meeting with the FDA to discuss functional vision endpoints, the drug’s clinical development trajectory seems poised for success. Together, these financial and clinical advancements contribute to Okunewitch’s optimistic Buy rating for Kiora Pharmaceuticals.
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Kiora Pharmaceuticals (KPRX) Company Description:
EyeGate Pharmaceuticals, Inc. is a clinical stage specialty pharmaceutical company, which engages in the development and commercialization of products for treating diseases and disorders of the eye. Its pipeline includes EGP-437 and Ocular Bandage Gel. The company was founded in 1998 and is headquartered in Waltham, MA.
