PhaseBio Pharmaceuticals (PHAS) PT Slashed to $10 by Needham, Buy Reiterated, Sees bentracimab's Potential Undervalued Despite Capital Overhang

Needham & Company Serge Belanger Buy PhaseBio Pharmaceuticals Inc. (NASDAQ: PHAS) price target of $10.00 (from $15.00), following the company's Q4 report.

The analyst comments: "PHAS reported 4Q21 financials and provided a corporate update. The co. recently completed validation of the bentracimab manufacturing process and remains on track to file the bentracimab BLA in mid-2022. While PHAS continues to move bentracimab towards BLA filing, addressing the co's financing needs and the "going concern" remains the most important near-term priority. PHAS ended 4Q21 with cash of ~$42MM and expects to receive an additional ~$29MM from the SFJ agreement, which should provides operational runway only into late-1H22. While capital needs represent an important and valid overhang, we believe the current PHAS valuation fails to adequately capture bentracimab's potential. We maintain our Buy rating and adjust our $PT to $10 (from $15) to reflect model updates and the higher risks associated with the "going concern"."

For an analyst ratings summary and ratings history on PhaseBio Pharmaceuticals Inc. click here. For more ratings news on PhaseBio Pharmaceuticals Inc. click here.

Shares of PhaseBio Pharmaceuticals Inc. closed at $1.20 yesterday.

By Vlad Schepkov

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