Cowen Initiates Coverage On Molecular Partners With Price Target Of $50

  • Cowen & Co initiated coverage on Molecular Partners MOLN with an Outperform rating and a Price Target of $50, implying an upside potential of more than 150%.
  • The company and its partner Novartis AG NVS recently shared preclinical data showing that ensovibep retains full potency and viral inhibition against all known COVID-19 variants in circulation, including the key Delta variants.
  • It outlined progress on its global Phase 2/3 study in ambulatory COVID-19 patients.
  • Interim data from EMPATHY Phase 2/3 trial is expected in H2 2021, and complete topline data expected in early 2022.
  • The company started trading in the U.S market just a month back, wherein it sold 3 million shares at $21.25 each.
  • The stock is already trading on the Swiss exchange since 2014.
  • Price Action: MOLN shares are up 3.3% at $19.88 during the premarket session on the last check Tuesday.
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Posted In: BiotechNewsHealth CarePrice TargetInitiationAnalyst RatingsGeneralBriefs
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