Edward White, an analyst from H.C. Wainwright, maintained the Buy rating on Inhibikase Therapeutics (IKT – Research Report). The associated price target is $27.00.
Edward White’s Buy rating for Inhibikase Therapeutics’ stock (IKT) is driven by a variety of factors. First, the company’s drug, Risvodetinib (IkT-148009), was granted Orphan Drug Designation by the FDA for the treatment of Multiple System Atrophy (MSA), which is a positive development. Furthermore, on March 9, 2023, the FDA removed the full clinical hold on risvodetinib in MSA, thus allowing Inhibikase to progress with its plans for a future Phase 2 trial. The company is also conducting animal studies to ascertain the therapeutic potential of risvodetinib in halting the progression and rectifying functional loss in MSA.
Additionally, Inhibikase is exploring the use of risvodetinib for altering the course of Parkinson’s disease, with a projected launch date in 2027. Financial forecasts predict sales of $14M in the launch year, escalating to $366M by 2030. White’s $27 price target is based on a discounted revenue forecast for IkT-148009 in treating Parkinson’s disease. This involves taking into consideration the net present value of predicted revenue through 2030, applying a 25% PoS for IkT-148009 in Parkinson’s disease, a discount rate of 20%, a 2023YE net cash/share estimate of $1.01, and a 4x price/sales multiple, which aligns with Inhibikase’s market peers.
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Inhibikase Therapeutics (IKT) Company Description:
Inhibikase Therapeutics Inc is a clinical stage pharmaceutical company developing therapeutics for Parkinson’s Diseases and related disorders inside and outside the brain. Its pipeline product, IkT-148009, targets underlying disease mechanisms to reverse the course of Parkinson’s disease and the GI complications of Parkinson’s disease.
Read More on IKT:
- Inhibikase Therapeutics Receives FDA Orphan Drug Designation for Risvodetinib for the Treatment of Multiple System Atrophy
- Inhibikase Therapeutics remains on track with stated milestones
- Inhibikase Therapeutics develops novel formulation of risvodetinib
- Inhibikase Therapeutics developing new molecules for Parkinson’s treatment
- Inhibikase Therapeutics completes 501 bioequivalence study of IkT-001Pro
