While the S&P 500 index peaked in January and has had a rough year, the biotech sector peaked last August. For the time being, both have found a short-term and possible long-term bottom in June.
David Nierengarten, managing director covering the health care sector at Wedbush Securities, joined Wednesday’s PreMarket Prep Plus broadcast to discuss a few issues that may have some upside potential.
Vor Biopharma Inc. (NASDAQ:VOR): Vor Biopharma Inc is a clinical-stage cell therapy company. It combines a novel patient engineering approach with targeted therapies to provide a solution for patients suffering from hematological malignancies. The company's products include VOR33.
On Tuesday, Weingarten initiated coverage of the issue with an Outperform rating and $18 price target. Besides a favorable risk-reward with the issue trading under $5, Nierengarten said he is banking on the “science of the company” to come through.
“The company has a really intriguing way to improve stem cell transplants” by decreasing the complications that arise from the procedure, he said.
Early data on the effectiveness of the drug will be released soon.
Phase 3 results are supposed to be released in late summer or early fall.
Included in Nierengarten’s discussion was IVERIC Bio (NASDAQ:ISEE), which is waiting on Phase 3 results for its treatment of dry AMD, a fairly common eye disorder.
The discussion on these issues from Wednesday’s interview can be found here:
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