- Chardan Research initiated coverage of Purple Biotech PPBT with a Buy rating and a price target of $11/share.
- The analyst is optimistic about the company's two clinical programs:
- Anti-CEACAM1 monoclonal antibody CM24 for pancreatic ductal adenocarcinoma (PDAC).
- NT219, the company's insulin receptor substrate 1/2 and STAT3 dual inhibitor small molecule, being developed initially to treat head and neck squamous cell carcinoma (HNSCC).
- Both programs have shown supportive safety in the clinic and early signs of clinical activity to support further investigation.
- The company expects multiple data readouts from its programs over the next 12 months that could de-risk its development candidates.
- Chardan forecasts CM24 and NT219 reaching the U.S. market in 2027 and achieving probability-adjusted global sales in 2030E of $147 million and $61.7 million, respectively.
- Price Action: PPBT shares are down 5.29% at $2.15 on the last check Thursday.
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