Roth Capital Partners upgraded Applied Genetic Technologies (NASDAQ:AGTC) to “buy” from “neutral” and raised its price target to $15 from $12. The stock jumped $2.15 to $9.20 in afternoon trading on Wednesday.
“With F1Q17 results in hand, we see accelerated movement and mindful planning in the clinical programs for X-linked retinoschisis (XLRS) and achromatopsia (ACHM), as certain groups from these studies have completed enrollment and patients eligible to participate in future phases of these studies have been vetted,” writes analyst Joseph Pantginis.
The Phase 1/2 XLRS study has enrolled nine-of-27 patients, completing enrollment in the low-and mid-dose groups, he said, adding that safety data for the middle dose group must be reviewed by a data and safety monitoring committee (DSMC) before initiating the high dose study.
Mr. Pantginis said eligible patients to complete the high dose and expansion groups have been identified, with complete enrollment expected by mid-2017. Six-month data from the dose escalation part of the trial are expected by the end-2017 and 12-month data on all patients in mid-2018.
The Phase 1/2 trial for the ACHM-B3 candidate has completed enrollment of the low dose group and its safety data will be reviewed by a DSMC before initiation of the middle dose study occurs, he said.
Target enrollment is 24 patients, of which all participants for the middle dose group, six patients eligible to enroll in high dose group, and 20 patients eligible to participate in the expansion group have been identified. Enrollment completion is expected by end-2017.
Six-month follow up data are expected by end-2017 and 12-month data on all patients by the end of 2018, he added.
