Ladenburg Thalmann raised its price target for Catalyst Biosciences (NASDAQ:CBIO) to $14.25 from $11 after the company modified the Phase 1/2 protocol of CB 2679d that should accelerate the timeline to initiation of a registration study. The stock closed at $10.49 on Dec. 15.
Catalyst Biosciences is developing a portfolio of hemophilia products offering the potential for greater potency than earlier generations of factor replacement therapy.
Analyst Kevin DeGeeter writes that the Korean Ministry of Food and Drug Safety approved a protocol amendment to move the Phase 1/2 study of CB 2679d directly into a cohort 5 multiple-dose cohort at or below the cohort 3 dose and skip a single-dose cohort 4.
“We view the disclosure as a positive for Catalyst, allowing for accelerated clinical development and potential presentation of Cohort 5 multiple-dose data as early as the EAHAD meeting February 7-9,” he added.
“We believe CB 2679d has potential to be a new standard-of-care for pediatric patients (70%-plus of hemophilia B patients are diagnosed as children),” Mr. DeGeeter said, citing Factor IX activity levels at the “normal” range, SQ dosing and dosing frequency less than once daily.
