Why Calithera Biosciences (CALA) Shares Are Trading Higher Today - Calithera Biosciences (OTC:CALA)

HC Wainwright updated its model on Calithera Biosciences Inc (NASDAQ:CALA), reflecting the recent Q2 earnings with no revenues and a net loss of $1.69 per share for 2022.
The analyst upgraded the rating to Buy from Neutral with a price target of $8.
At the end of 2Q22, the company had nearly $42 million in cash and cash equivalents, sufficient to fund operations into 2Q23.
Calithera has two ongoing clinical development programs that are expected to provide data updates in 1Q23. If positive, both drugs could be evaluated in registrational studies to achieve accelerated FDA approval.
HC Wainwright projects Calithera to achieve risk-adjusted revenues of $111 million by 2030.
"Based on these projections, we believe CALA is undervalued at the current valuation of approximately $20 million," the analysts wrote.
Price Action: CALA shares are up 19.20% at $3.90 on the last check Monday.

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