MicroRNA technology could be just the cure for Mirna Therapeutics Inc MIRN investors who have watched their shares prices decline more than 40 percent since the start of summer.
H.C. Wainwright initiated coverage on Mirna Monday with a Buy rating and a $6 price target, implying 135 percent upside. The analysts credited their bullish view largely to microRNA tech, of which Mirna has a "first-in-class" drug candidate in MRX34.
MRX34 has shown in interim date from an ongoing Phase 1b trial that using it to treat advanced cancers has led to four partial responses that appear durable. Additional data presented at the ASCO (American Society Of Clinical Oncology) conference in 2017 should inform Phase 2 trials later next year.
H.C. Wainwright bases its view of Mirna entirely on the promising prospects for MRX34. Key risks to the price objective include any negative clinical, regulatory or competitive news.
Shares of Mirna were trading up 0.39 percent at $2.56.
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