Spring Bank Pharmaceuticals (SBPH) PT Lowered to $25 at Chardan Capital Markets

Chardan Capital Markets analyst Taylor Feehley lowered the price target on Spring Bank Pharmaceuticals (NASDAQ: SBPH) to $25.00 (from $45.00) while maintaining a Buy rating, saying 2019 could see numerous catalysts with key data in 2020.

The analyst commented, "This morning, Spring Bank reported its 4Q18 and FY18 results and provided updated guidance on the path forward for inarigivir, its immunomodulator in development for treatment of chronic HBV infection. Importantly, the results of the 4th and final 200 mg cohort of the phase IIa ACHIEVE trial (NCT02751996) will be presented at EASL's The International Liver Congress 2019, held in Vienna, Austria from 10 to 14 April 2019 as a late-breaking abstract/oral presentation. Recall the updates from the previous 3 cohorts in ACHIEVE have demonstrated reductions in HBV DNA and RNA in a dose-dependent manner in HBeAg- patients (HBeAg+ patients appeared to plateau between 50 mg and 100 mg), with 28% of patients across both eAg+ and eAg- subsets in all 3 cohorts experiencing a reduction of >0.5log HBsAg (mean 0.8log). While we anticipate continued dose-dependent responses in the 200 mg cohort, the upcoming phase IIb trials, CATALYST 1 and CATALYST 2 will utilize a 400 mg dose of inarigivir, suggesting the 200 mg dose may not yet be a demonstration of maximal inarigivir efficacy."

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