Oppenheimer touts outlook for miRagen Therapeutics, Conatus Pharmaceuticals and CTI BioPharma

Oppenheimer Equity Research said on Monday data reported by miRagen Therapeutics Inc (NASDAG:MGEN) from the compound remlarsen could be useful for eye disease and keloid formation in scab wounds.

“We estimate remlarsen (MRG-201) could be a modest revenue contributor to miRagen starting in 2024 in the prevention of keloid formation,” Oppenheimer analyst Leah Rush Cann wrote in a research note to clients.

The compound could also be used in the prevention of corneal and retinal fibrosis, which “could result in upside to our outlook from corneal fibrosis treatment,” the analyst added.

miRagen stated these results support its plans to advance remlarsen into human clinical studies for ophthalmological indications.

Oppenheimer forecast the price target for the company at $19. Shares were trading unchanged on Monday at $5.58.

READ: miRagen’s anti-cancer product Cobomarsen on track for registration study

The same analyst noted that enrollment in Pactrinib Phase 2 by CTI BioPharma Corp (NASDAQ:CTIC) is proceeding and Oppenheimer expects the drug used in the treatment of myelofibrosis to launch in 2022.

Pacritinib is an oral inhibitor which was given fast-track designation by the US Food and Drug Administration for the treatment of intermediate and high-risk myelofibrosis, a bone marrow disorder that disrupts the body’s normal production of blood cells.

According to the Mayo Clinic, the myelofibrosis results in extensive scarring in the bone marrow, leading to severe anemia, weakness, fatigue and often an enlarged spleen.

“Based on our expectation that CTI BioPharma will introduce its first product in the US in the next few years, we estimate that total revenue will grow to $196.8 million in 2024. If we discount our estimated revenue for risk-of-failure and for investment returns, we arrive at a 12- to 18-month target price of $4,” Oppenheimer said.

Shares of CTI BioPharma declined 3.01% to $2.095.

READ: CTI BioPharma reports failure of Phase 3 non-Hodgkins lymphoma trial

Oppenheimer Equity Research said it was bullish on the prospects of Conatus Pharmaceuticals Inc (NASDAQ:CNAT) because of its approach in the treatment of liver diseases “through which we believe should unlock significant value for physicians, patients and shareholders.”

“We appreciate CNAT’s potentially first-in-class oral caspase inhibitor, emricasan, which we believe could prevent or reverse progression of fibrosis and cirrhosis in patients,” analysts Jay Olson and Silvan Tuerkcan said.

Oppenheimer set a 12- to 18-month price target for Conatus of $14.

Shares of Contatus were down on Monday by 2.76% to $5.64.

Story by ProactiveInvestors