H.C. Wainwright analyst Swayampakula Ramakanth maintained a Buy rating on IN8bio (INAB – Research Report) today and set a price target of $14.00.
Swayampakula Ramakanth assigned a Buy rating to IN8bio based upon a variety of considerations. The company’s financial performance for the third quarter of 2023 was in line with consensus estimates, reporting a net loss that was less than anticipated. Furthermore, IN8bio’s cash position at the end of Q3 2023 is believed to be sufficient to maintain operations.
A significant factor in the rating is the positive clinical data from ongoing studies. The Phase 1 study of INB-200 is expected to provide a crucial update during the Society for Neuro-Oncology’s 2023 Annual Meeting. Initial results have shown promising patient responses with tolerable adverse effects, and further data from this study will be beneficial for the recently initiated Phase 2 study. The Phase 1 INB-100 study, targeting leukemia patients, has completed dose escalation and management has reported evidence of T-cell expansion with a manageable safety profile. Lastly, the Buy rating incorporates a risk-adjusted net present value analysis of projected future revenues, with a 12-month price target of $14 per share.
Ramakanth covers the Healthcare sector, focusing on stocks such as ImmunoGen, Ocugen, and Harpoon Therapeutics. According to TipRanks, Ramakanth has an average return of -26.9% and a 19.64% success rate on recommended stocks.
In another report released on November 3, Mizuho Securities also maintained a Buy rating on the stock with a $12.00 price target.
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IN8bio (INAB) Company Description:
IN8bio Inc is a clinical-stage biotechnology company. It is focused on developing innovative therapies for the treatment of cancers, including solid tumors, by employing allogeneic, autologous and genetically modified gamma-delta T cells.
Read More on INAB:
- IN8bio to Present Data Highlighting Potential of INB-200 and INB-400 to Treat Patients with Newly Diagnosed Glioblastoma Multiforme at Society for Neuro-Oncology 28th Annual Meeting
- IN8bio presents biologic correlative data from INB-200 Phase 1 trial
- IN8bio presents ‘positive’ data from iPSC platform at SITC
- IN8bio Presents Positive Data Update from Induced Pluripotent Stem Cell (iPSC) Platform at the Society for Immunotherapy of Cancer (SITC) 38th Annual Meeting
- IN8bio to Present New Positive Data from Phase 1 Trial of INB-100 at 2023 American Society of Hematology (ASH) Annual Meeting
