ContraFect Corp. (CFRX) PT Raised to $17.50 at Chardan Capital Markets

Chardan Capital Markets analyst Keay Nakae raised the price target on ContraFect Corp. (NASDAQ: CFRX) to $17.50 (from $15.00) while maintaining a Buy rating.

The analyst commented, "ContraFect has announced a new BARDA contract that will support the development of its lead compound, exebacase, a novel enzyme-based antibiotic being developed against Staphylococcus aureus. Under the terms of the contract, the Company will receive $9.8 million in initial funding, and could receive up to an additional $77.0 million, based on achieving defined success milestones. Given the due diligence conducted by BARDA, we view this as additional external validation, building on the December 2019 strategic investment by Pfizer (PFE, not rated). Further, while the BARDA funding is specific to activities supporting development and approval of exebacase, it frees up funds that can be allocated to other pipeline programs."

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