FBR Capital Remains Bullish on Seres Therapeutics (MCRB); Says Sell-Off is 'Overdone'
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FBR Capital maintained an Outperform rating on Seres Therapeutics (NASDAQ: MCRB), and cut the price target to $23.00 (from $43.00), following the company's recent sell-off.
Analyst Vernon Bernardino commented, "We look at MCRB as the leader in advancing the microbiome approach to treating chronic diseases and infections. While we acknowledge that the near-term focus of investors may be how the primary endpoint of reducing the relative risk of infection recurrence in the SER-109 Phase II ECOSPOR clinical study in recurrent Clostridium difficile infection (CDI) was not achieved, we think the stock sell-off since July 29 is overdone. The development of MCRB’s other clinical-stage assets are partnered with Swiss-based Nestle, which has agreed to fund up to one-third of development costs, according to a $1.9B agreement signed in January 2016. MCRB has also signed four other collaborations, which we think represent nascent upside potential in the stock. Since the advancement of SER-109 may take longer than anticipated, we lower our price target from $43 per share, to $23, but we reiterate our Outperform rating."
Shares of Seres Therapeutics closed at $9.73 yesterday.
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