Patrick Trucchio, an analyst from H.C. Wainwright, reiterated the Buy rating on Gossamer Bio (GOSS – Research Report). The associated price target is $5.00.
Patrick Trucchio’s Buy rating for Gossamer Bio is largely predicated on several key factors pertaining to the company’s lead program, Seralutinib, which is currently in Phase 3. The program is moving faster than anticipated with plans to activate sites across North America, Latin America, Europe, and Asia Pacific by the end of 2023. This progress puts the timeline for the commencement of patient dosing on track for the fourth quarter of 2023. In addition, there is an expectation of further data from the Phase 2 trial, TORREY, which is also evaluating Seralutinib’s effectiveness in treating pulmonary arterial hypertension (PAH). This is expected to be available by the final quarter of 2023 as well.
In July, Gossamer Bio hosted an event with key opinion leaders (KOLs) that further bolstered confidence in Seralutinib. The KOLs expressed enthusiasm about the open label extension data that indicated an increase in response rates in patients who had already been treated with Seralutinib. They also highlighted that Seralutinib has a favorable safety and tolerability profile compared to other treatments for PAH, including imatinib which failed in Phase 3 of PAH development. The KOLs were also pleased that the data showed approximately 60-70% of patients experienced hemodynamic improvement after Seralutinib treatment, and that the drug was easily incorporated into patients’ daily routines. Based on these factors, Trucchio reiterated his Buy rating and $5 price target on Gossamer Bio’s shares.
In another report released yesterday, Wedbush also reiterated a Buy rating on the stock with a $6.00 price target.
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Gossamer Bio (GOSS) Company Description:
Gossamer Bio, Inc. engages in discovering, acquiring, developing, and commercializing therapeutics in the disease areas of immunology, inflammation, and oncology. Its primary product candidate is GB001, which is intended for the treatment of moderate-to-severe eosinophilic asthma and other allergic conditions. The company was founded by Faheem Hasnain and Sheila Gujrathi in 2015 and is headquartered in San Diego, CA.
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