Needham & Company Starts Medgenics (MDGN) at Buy

Needham & Company initiates coverage on Medgenics (NYSE: MDGN) with a Buy rating and a price target of $12.00.

Analyst Chad Messer commented, "Medgenics recently acquired the metabotropic glutamate receptor agonist NFC-1, a clinical stage compound with efficacy in a genetically defined subpopulation of ADHD. NFC-1 is the first clinical program in an existing collaboration with the Center of Applied Genomics (CAG) at the Children's Hospital of Philadelphia (CHOP), which exploits CHOP's pediatric biobank to discover new genetically defined disease targets. This genomic-based approach complements Medgenics' TARGT gene therapy platform that has also produced a clinical stage candidate, TARGTEPO, for the treatment of anemia. Following a recent fundraising, MDGN holds a healthy $61MM on its balance sheet and now has a diversified portfolio of clinical assets that we believe is capable of delivering meaningful value drivers in the next year. We initiate coverage at BUY."

For an analyst ratings summary and ratings history on Medgenics click here. For more ratings news on Medgenics click here.

Shares of Medgenics closed at $7.19 yesterday.

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