Analyst Yi Chen of H.C. Wainwright reiterated a Buy rating on Kiora Pharmaceuticals (KPRX – Research Report), with a price target of $3.50.
Yi Chen’s Buy rating for Kiora Pharmaceuticals (KPRX) is based on several important factors. Of note, the company recently reported promising top-line results from its Phase 1b ABACUS study for KIO-301, which is an experimental treatment for retinitis pigmentosa (RP). The results from this study demonstrated that KIO-301 has the potential to significantly enhance vision and improve the quality of life for patients suffering from RP. Furthermore, Kiora Pharmaceuticals plans to advance KIO-301 into a Phase 2 trial in the first half of 2024. This advancement, along with the company’s plans to initiate additional trials in choroideremia and Stargardt disease to expand indications for KIO-301, are indicative of the company’s progressive trajectory.
Despite a net loss of $6.3M in the third quarter of 2023 and a potential need for further capital raise in the next 12 months, Kiora Pharmaceuticals has shown its resilience and innovation in the pharmaceutical industry. The company has been proactive in discussing the development path for KIO-301 with the FDA, and it is expected to have a pre-IND meeting in the fourth quarter of 2023. This, combined with the fact that KIO-301 showed no serious adverse events and was well tolerated in the ABACUS trial, reinforces the company’s potential for growth and profitability, thereby justifying Chen’s Buy rating.
In another report released on November 6, Maxim Group also maintained a Buy rating on the stock with a $2.00 price target.
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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.
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