Aegis Lifts PT on Ampio Pharma (AMPE) to $16; Financing Overhang Removed

Aegis Capital raises its price target on Ampio Pharmaceuticals (Nasdaq: AMPE) from $15 to $16 and maintains its Buy rating.

Analyst Ram Selvaraju noted that Ampio's financing overhang has largely been removed. The company completed a 9.775 million common stock direct offering last month for gross proceeds of $68 milion. The deal also provides the company with support from key long-term institutional investors. Given the approaching clinical data catalysts of top-line results from the Phase 3 STEP trial of Ampion™ in knee osteoarthrtisis and the Phase 2b trial of Optina™ in diabetic macular edema (DME), we believe that the shares are likely to appreciate substantially over the course of the remainder of 2014 and beyond, the analyst said.

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

Shares of closed at $ yesterday.

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