H.C. Wainwright Initiates Coverage On Celladon, Cites Impressive Trial Results For Heart Failure Therapy
H.C. Wainwright & Co. on Tuesday initiated coverage on Celladon Corp (NASDAQ: CLDN) after impressive clinical trial results for its gene therapy Mydicar. Wainwright rates Celladon as a Buy with a $31 price target.
Analyst Ching-Yi Lin wrote, "Thus far, we believe that the clinical trial results are impressive—demonstrating statistically significantly improved outcomes. MYDICAR has been granted Breakthrough Therapy Designation and expects CUPID 2 results (Phase 2b data) to be reported late April 2015. We see MYDICAR as a transformational approach to treating systolic heart failure."
Related Link: Biotech: Anatomy Of An Investing Mania?
In clinical trials, MYDICAR at high dosage demonstrated a statistically significant risk reduction in recurrent hospitalization. Industry analysts believe that Mydicar addresses an unmet need for advanced stage chronic heart failure where current standard of care is inadequate. The target market is potentially 350,000 patients and would represent over $18 billion in revenue in the U.S. alone.
Shares of Celladon recently traded at $18.39, up 3.3 percent.
Latest Ratings for CLDN
|Jun 2015||BMO Capital||Maintains||Market Perform|
|Apr 2015||H.C. Wainwright||Downgrades||Buy||Neutral|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.