H.C. Wainwright Reiterates Buy Rating on Capricor Therapeutics (CAPR)

H.C. Wainwright analyst Joseph Pantginis reiterated a Buy rating and $77.00 price target on Capricor Therapeutics (NASDAQ: CAPR).

The analyst commented: "The FDA sent a letter to the Federal Register withdrawing the notice regarding the AdCom for deramiocel, which Capricor had just recently announced was being held on July 30 ahead of the August 31 PDUFA date; this component is the fact of what has occurred. Now, for the rampant speculation, Capricor, as of right now, has not received any notice from the FDA or others regarding any AdCom changes that have happened. As usual, volatility in the shares abound with trying to read the tea leaves; however, we point out the following as well as provide our take on what is currently happening: 1) Our positive thesis on deramiocel being approved remains unchanged; 2) The letter published in the Federal Register ends with the sentence, "The FDA requires additional time regarding this notice prior to its publication." Until official notice comes from the FDA, the date of the AdCom potentially is up in the air, or potentially could even be cancelled, but that is just a guess; 3) We view this last sentence as administrative movement by the FDA, considering the employment "changes" that RFK Jr. has implemented (i.e. firings including the scheduling office); this is in stark contrast to all the interpretations on the Street right now, including approval, CRL, AdCom removal as positive and negative; and 4) Overall, we believe the impact on the shares from the latest piece of news is an overreaction, and while the statement "buy on the dip" has become quite a cliche in these volatile biotech markets, today represents a buying opportunity. Reiterate Buy rating and $77 PT."

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

Shares of Capricor Therapeutics closed at $11.78 yesterday.

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