H.C. Wainwright Starts Proteon Therapeutics (PRTO) at Buy
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H.C. Wainwright initiated coverage on Proteon Therapeutics (NASDAQ: PRTO) with a Buy rating and a price target of $18. Analyst Swayampakula Ramakanth expects vonapanitase risk-adjusted revenues of $543 million by 2029.
"In our opinion, undoubtedly the most important milestone coming up for Proteon is the announcement offinal results from the Phase 3 PATENCY 1 study, which we expect in 4Q16, " said Ramakanth. "PATENCY-1 is a 300-patient study designed to compare treatment using 30 mcg of vonapanitase during AVF surgery with placebo. If vonapanitase is able to demonstrate a similar level of clinical benefit as in the Phase 2, we expect there is a high likelihood that it could achieve the primary endpoint of an improvement in 12-month primary unassisted patency. We believe positive results from PATENCY-1 could be a significant catalyst for Proteon’s stock price.”
Shares of Proteon Therapeutics closed at $8.75 yesterday.
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