In a report released yesterday, David Lebovitz from Citi maintained a Hold rating on 23andMe Holding (ME – Research Report), with a price target of $0.90.
Geoff Meacham has given his Hold rating due to a combination of factors regarding 23andMe Holding. His analysis likely takes into account the recent FDA clearance of the company’s Investigational New Drug (IND) application for its antibody, which targets a specific ligand that can help cancer cells evade immune detection. Although the potential for 23andMe’s proprietary research platform to contribute positively to its therapeutic franchise is noted, the project is still in early stages, with clinical studies not expected to begin until the first half of 2024.
Furthermore, while the innovative approach of the antibody could validate 23andMe’s research methods and add value to its therapeutics branch, the Hold rating suggests a cautious optimism. The dual-mechanism of the antibody, which not only blocks immunosuppressive effects but also induces cell killing through enhanced effector function, represents a significant scientific advancement. However, the inherent risks associated with early-stage drug development and the timeline to potential commercialization contribute to a more reserved investment outlook, reflected in the Hold rating despite an anticipated share price return of 21.6%.
ME’s price has also changed dramatically for the past six months – from $1.920 to $0.731, which is a -61.93% drop .
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23andMe Holding (ME) Company Description:
VG Acquisition Corp is a blank check company.
Read More on ME:
- 23andMe Announces FDA Clearance of IND Application for its Dual Mechanism Antibody, 23ME-01473, Targeting ULBP6
- 23andMe Launches Month-Long Initiative to Amplify ARRAY’s “Seat16” Program for Acclaimed Film ORIGIN by Ava DuVernay
- 23andMe to Report FY2024 Third Quarter Financial Results
- 23andMe announces further expansion of 23ME-00610 Phase 1/2a clinical trial in advanced neuroendocrine and ovarian cancer patient cohorts
- 23andMe announces further expansion of 23ME-00610 Phase 1/2a trial
