UPDATE: Canaccord Genuity Initiates Coverage on Mast Therapeutics with Buy Rating, $3 PT on MST-188 Potential

In a report published Thursday, Canaccord Genuity analyst Ritu Baral initiated coverage on

with a Buy rating and $3.00 price target. In the report, Canaccord Genuity noted, “Initiating coverage with BUY rating, $3.00 target on MST-188 potential in sickle cell disease crises. MSTX's lead candidate MST-188 binds to hydrophobic surfaces on damaged cells to reduce cell adhesion and blood viscosity. We expect positive data from the Ph3 EPIC trial that shows reduced length of SCD vaso-occlusive crisis (VOC). We think MST-188 could gain significant market share given the unmet need in SCD and potential combo-Tx. Our $3.00 target is based on pNPV analysis.” Mast Therapeutics closed on Wednesday at $0.45.