miRagen Therapeutics (MGEN) PT Lowered to $2 at Oppenheimer

Oppenheimer analyst Leland Gershell lowered the price target on miRagen Therapeutics (NASDAQ: MGEN) to $2.00 (from $10.00) while maintaining an Outperform rating.

The analyst commented, "MGEN announced a major corporate restructuring and a $20M share purchase agreement with Aspire Capital. With data from cobomarsen’s SOLAR trial in CTCL not until 2H21, yet funds sufficient only to 3Q20, we were not surprised to see significant steps taken to preserve shareholder value. We view the decision to prioritize next-gen miR-29 mimic MGEN-229 for idiopathic pulmonary fibrosis as sensible given compelling and disease-modifying preclinical activity in this rare condition for which treatment options are modest. Downsized SOLAR trial pulls readout into current cash runway, and ATLL label requirements to be explored with FDA. Remlarsen development will shift to partnered model. With multiple microRNA assets holding promise, increased visibility on capital resources, yet just a $20M market cap, we reiterate Outperform."

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