Analyst Bumps Up Clearside Biomedical Target Price After Encouraging Trial Data

Wednesday, Clearside Biomedical Inc CLSD announced positive results from its OASIS Phase 1/2a trial of CLS-AX (axitinib injectable suspension) in neovascular age-related macular degeneration (wet AMD) patients.
HC Wainwright views the 6-month results as very encouraging, considering that the enrolled patients have active subfoveal choroidal neovascularization (CNV) secondary to AMD with fluid.
Hence the analyst has increased the probability of approval for CLS-AX to 25% from 20%, with the current estimated market value of the firm being $390 million, reiterating the Buy rating with a raised price target of $6 from $5.
CLS-AX was well tolerated and showed a benign safety profile across all time points and doses. Interim data from the Extension Study in Cohorts 3 and 4 showed that the supplemental anti-VEGF injection-free rate was 88% (7 of 8 patients) to Month 5 and 75% (3 of 4 patients) to Month 6.
Compared to patients’ 6- month anti-VEGF therapy before receiving CLS-AX, there was a 90% reduction in treatment burden.
Management expects to report the final 6-month data from all 12 patients in the Extension Study in 1Q23.
Price Action: CLSD shares are up 4.69% at $1.34 on the last check Thursday.

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