Moleculin Biotech (MBRX) PT Raised to $18 at Oppenheimer

Oppenheimer analyst Kevin DeGeeter raised the price target on Moleculin Biotech (NASDAQ: MBRX) to $18.00 (from $12.00) while maintaining an Outperform rating.

The analyst commented, "Our investment thesis for shares on MBRX has been based primarily on: 1) differentiated cardiovascular safety profile of annamycin compared to other anthracyclines; and 2) intriguing in vivo data suggesting elevated annamycin concentrations in lung might provide promise in treating lung metastasis - a setting where other anthracyclines have limited activity. Raising PT to $18 from post-split adjusted $12 based on data released this week demonstrating impressive survival benefit in preclinical model of osteosarcoma lung mets. Our new 2021 and 2022 EPS estimates are ($0.96) and ($1.06), respectively, reflecting 1-for-6 reserve stock split partially offset by dilution from recent $68M equity financing. We now believe MBRX may have sufficient cash balance to fund operations through to profitability."

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