H.C. Wainwright analyst Joseph Pantginis reiterated a Buy rating on Cadrenal Therapeutics, Inc. (CVKD – Research Report) today and set a price target of $3.00.
Joseph Pantginis has given his Buy rating due to a combination of factors that bolster the potential of Cadrenal Therapeutics, Inc. Firstly, the company reported 1Q24 financial results with earnings per share slightly below the estimates, yet it maintains a cash balance that is believed to meet operational needs for the next year. Additionally, there’s a strategic focus on raising funds for a pivotal Phase 3 clinical trial for their drug Tecarfarin, which if successful, could lead to a New Drug Application submission.
The optimism in Cadrenal’s outlook is further supported by the planned ACTOR AF trial, set to commence in the second half of 2024. This trial is significant as it targets a patient population with End-Stage Kidney Disease and Atrial Fibrillation, a niche yet critical area in need of effective anticoagulation therapy. With Tecarfarin’s orphan drug and fast track designations from the FDA, Cadrenal is positioned to address a clear gap in the market for this patient group. Pantginis’s confidence is also spurred by the ongoing discussions with the FDA to potentially include time in therapeutic range as a primary or secondary endpoint in the trial, a reflection of the drug’s growing data support and therapeutic promise.
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Cadrenal Therapeutics, Inc. (CVKD) Company Description:
Cadrenal Therapeutics Inc is focused on developing a novel therapy with orphan drug indication, tecarfarin, for the prevention of systemic thromboembolism (blood clots) of cardiac origin in patients with end-stage renal disease (on dialysis) and atrial fibrillation (irregular heartbeat) or AFib. Tecarfarin is an anticoagulant designed using a drug design process that targets a different pathway than most commonly prescribed drugs for the treatment of thrombosis and AFib.
Read More on CVKD:
- Cadrenal Therapeutics Gains FDA Orphan Drug Status for Tecarfarin
- Cadrenal Therapeutics confirms FDA orphan designation for tecarfarin
- Cadrenal Therapeutics’ tecarfarin receives FDA orphan designation
- Cadrenal Therapeutics files $100M mixed securities shelf
- A New Cause for Concern: Cadrenal Therapeutics, Inc. Adds a New Natural and Human Disruptions Risk
