Capricor Therapeutics (CAPR) PT Raised to $60 at H.C. Wainwright

H.C. Wainwright analyst Joseph Pantginis raised the price target on Capricor Therapeutics (NASDAQ: CAPR) to $60.00 (from $24.00) while maintaining a Buy rating.

The analyst comments "We reiterate our Buy rating and are increasing our price target to $60 from $24 based primarily on the following factors: (1) adjusting our fully diluted share count; (2) adjustment to base year; (2) reducing our discount rate to our usual 15% from 30%, which was initially based on the risk surrounding the CRL; and (4) increasing our projected chance of success for deramiocel to 90% from 75%. Our price target is based on our clinical net present value (NPV) model, which is driven entirely by the company's lead asset, deramiocel, in DMD patients. There is no contribution from added deramiocel indications or future potential exosomes candidates, which we believe represent potential upside to our valuation. We believe this method is appropriate in capturing the value of the clinical stage pipeline by allowing us to flex multiple assumptions, including chance of success, peak sales estimates, and year of commercial launch. Factors which could impede reaching our price target include failed or inconclusive clinical trials or inability of the company to secure adequate funding to progress its drugs through the development pathway."

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