H.C. Wainwright Starts Mirna, Inc. (MIRN) at Buy

September 12, 2016 7:23 AM EDT
Get Alerts MIRN Hot Sheet
Price: $2.05 -4.65%

Rating Summary:
    1 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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H.C. Wainwright initiated coverage on Mirna, Inc. (NASDAQ: MIRN) with a Buy rating and a price target of $6. Analyst Shaunak Deepak sees an attractive entry point.

"We believe the current MIRN share price offers an attractive entry point for long-term investors, as the stock is trading well below the $73M June cash position. Mirna’s first-in-class microRNA (miRNA) drug candidate MRX34 has shown confirmed clinical activity in advanced cancer patients," said Deepak.

The analyst added, "We believe Mirna has interesting technology and a drug candidate that has demonstrated durable efficacy in advanced cancer patients with limited therapeutic options. We believe the recent sell-off following the announcement of a third patient death on MRX34 and a delay in Phase 2 timelines may represent an attractive entry point for investors with a long-term investment horizon (1+year) as the stock is trading well below Mirna’s current cash position. In delaying its Phase 2 trials until late-2017, Mirna modified its previously aggressive plan to initiate these trials prior to final readout of its Phase 1b trial. We believe the adjustment in the Phase 2 timeline is prudent, as it enables the company to complete its ongoing Phase 1 study and potentially inform future development of MRX34 with data from the upcoming translational study that will seek to further characterize the drug’s activity in patients and may provide biomarker information. We believe Mirna is taking an appropriate path to further characterize the nature of MRX34, one that could ultimately provide a more compelling clinical profile for the compound."

For an analyst ratings summary and ratings history on Mirna, Inc. click here. For more ratings news on Mirna, Inc. click here.

Shares of Mirna, Inc. closed at $2.48 yesterday.

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