Roth Capital Partners initiated coverage of Translate Bio (NASDAQ:TBIO) with a “buy” rating and price target of $25. The stock closed at $10.08 on June 17.
Translate Bio is developing an mRNA platform, with lead programs in cystic fibrosis and ornithine transcarbamylase deficiency.
“With its engineered mRNA and LPN delivery vehicles, Translate Bio’s MRT platform has the advantages of enhanced stability, lower immunogenicity, tissue-specific delivery and potentially scalable manufacturing,” writes analyst Tony Butler.
Mr. Butler cited a number of reasons for his new coverage including, a partnership with Sanofi to develop up to five vaccines and a recent private placement, which should extend Translate Bio’s cash runway through 2020.
He also noted that the company’s lead candidate, MRT5005, designed to treat cystic fibrosis patients irrespective of the mutation class, has completed the single ascending dose portion of its ongoing Phase 1/2 clinical trial. The multiple ascending portion of the study is now ongoing, and the company expects to report interim data during the third quarter of 2019.
