ContraFect Corp. (CFRX) PT Raised to $17.50 at Chardan Capital Markets
- Wall Street closes lower as virus spike hits travel stocks
- Netflix (NFLX) Tops Q1 EPS by 78c, Subs Miss
- Kansas City Southern (KSU) Soars as Bidding War Brews After Canadian National Railway (CNI) Makes a $33.7 Billion Offer
- Analysts Positive, Raise PTs as IBM (IBM) Tops Market Estimates and Reaffirms Guidance
- Boeing (BA) Down 3% After CFO - Aged 54 - Retires, Seen as an 'Odd' Move
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
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."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Morgan Stanley Downgrades Zebra Technologies (ZBRA) to Underweight Due to Tough Comps
- Ashtead Group Plc (AHT:LN) (ASHTY) PT Raised to GBP47.50 at Deutsche Bank
- Equinor (EQNR:NO) (EQNR) PT Raised to NOK204 at Deutsche Bank
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change
Related EntitiesChardan Capital Markets
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!