UPDATE: H.C. Wainwright Starts BiomX (PHGE) at Buy, $20 PT
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H.C. Wainwright analyst Joseph Pantginis initiates coverage on BiomX (NYSE: PHGE) with a Buy rating and a price target of $20.00.
The analyst commented, "We are initiating coverage of BiomX with a Buy rating and $20 price target. BiomX is one of the leaders in the development of bacteriophage (phage), which are viruses that have evolutionary-based extremely high specificity for a particular strain of bacteria. It is estimated that there are over 10^31 phage on the planet, more than any other organism. Science has made significant progress in isolating phage and characterizing them; importantly, meaningful clinical data have been generated for multiple indications, mostly under compassionate use, that have saved patients from death's door following all attempts to control infection. We believe the need for phage is clear in that there has not been real innovation in antibiotics in quite some time. New options are needed to combat the growing scourge of antibiotic resistant bacteria, including penetrating biofilms. The call to action is not just coming from the medical community, but the U.S. government is also quite clear on it as well. In short, phage are mentioned specifically as an important option by both the 21st Century Cures Act and white papers put out by the White House, just to name a couple."
Shares of BiomX closed at $5.90 yesterday.
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