Maxim Group raised its price target for Quantum Genomics SA (Euronext Growth – FR0011648971 – ALQGC) to €9 from €6 after the company held a recent key opinion leader and investor day. The stock closed at €5.25 on Dec. 11.
Analyst Caroline Palomeque writes that the meeting highlighted the recent progress of the company’s drug candidate, firibastat, in resistant hypertension, including its Phase 2b study.
“With proof-of-concept data in hand from the Phase 2b study and a path forward to a pivotal trial, we have reduced our risk adjustment to 50%, from 75%,” which raised her price target.
Ms. Palomeque said the next step is a Phase 1 PK/PD study to finalize the once-daily tablet formulation, which is expected to start in the first quarter of 2019, with data in the second quarter. “We expect that the Phase 3 program should initiate soon after that, with firibastat being incorporated into patients’ current antihypertensive regimen,” she added.
