Maxim Group analyst Jason McCarthy maintained a Buy rating on Acurx Pharmaceuticals (ACXP – Research Report) yesterday and set a price target of $10.00.
Jason McCarthy recommends a Buy rating for Acurx Pharmaceuticals’ stock (ACXP) due to a confluence of promising factors. First and foremost, the company’s financial stability is underscored by its reported 3Q23 results showing a net loss of $3.1M, yet maintaining $7.1M in cash reserves, which suggests sufficient liquidity through mid-2024. Furthermore, McCarthy notes the impressive performance of Acurx’s P2b clinical trial for ibezapolstat (Ibeza) for C difficile infection (CDI), which was terminated early due to its demonstrated efficacy.
Additionally, McCarthy is optimistic about Acurx’s strategy for their P3 pivotal program, which is seen to be capital efficient and practical given market conditions. There’s also a potential niche for Ibeza in the C diff antibiotic market due to rising resistance towards current antibiotics, positioning it as a viable successor. The positive data on Ibeza’s ability to prevent recurrences and improve gut microbiome health further bolster its prospects. Lastly, the potential value proposition of Acurx is highlighted by the acquisition of Optimer Pharmaceuticals, a company with a similar P3 result, for $535M in 2013. This suggests a promising future for Acurx, provided they successfully proceed into a P3 program.
In another report released today, H.C. Wainwright also maintained a Buy rating on the stock with a $13.00 price target.
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Acurx Pharmaceuticals (ACXP) Company Description:
Acurx Pharmaceuticals Inc is a clinical stage biopharmaceutical company developing a new class of antibiotics for infections caused by bacteria listed as priority pathogens by the World Health Organization, Centers for Disease Control and Prevention, and Food and Drug Administration.
Read More on ACXP:
- Acurx Pharmaceuticals, Inc. Reports Third Quarter 2023 Results and Provides Business Update
- Acurx reports Q3 EPS (24c), consensus (27c)
- Largest borrow rate increases among liquid names
- Acurx says Phase 2 ibezapolstat trial met primary objective
- Acurx discontinues Phase 2b clinical trial of ibezapolstat
