Maxim Group raised its price target for Matinas BioPharma (NYSE American:MTNB) to $5 from $2 after the American Heart Association meeting over the weekend. The stock closed at $1.11 on Nov. 9.
“We are factoring in [Matinas’] MAT9001, following the outcomes data of the REDUCE-IT trial evaluating Amarin’s Vascepa plus statin, and Matinas’ decision to now move MAT9001 forward for hypertriglyceridemia (HTG),” writes analyst Jason McCarthy.
Over the weekend, Amarin presented updated data from REDUCE-IT at the AHA meeting, demonstrating 25% reduction in risk of major adverse cardiac event as well as significance around multiple secondary endpoints. “An sNDA is expected to follow and could unlock the larger mild-moderate HTG market…a positive for Matinas and MAT9001,” he added.
Mr. McCarthy said MAT9001 had demonstrated positive Phase 2 data head-to-head with Vascepa and a strategic decision was made then to wait for the results of the five-year REDUCE-IT study prior to moving 9001 forward.
“Matinas plans to now move MAT9001 forward,” he said, adding “we see this as great news for Matinas and its investors.”
