Arcturus raised to Buy at H.C. Wainwright on prospects for COVID shot
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Arcturus Therapeutics (NASDAQ:ARCT) added ~3% pre-market Thursday after H.C. Wainwright upgraded the biotech to Buy from Neutral, raising its price target to $51 from $19 per share on the potential of its COVID-19 vaccine ARCT-154.
In November, Arcturus (ARCT) signed a global licensing agreement with CSL Limited (OTCQX:CSLLY) (OTCQX:CMXHF) to develop and commercialize self-amplifying mRNA vaccines for a range of respiratory infections, including COVID-19.
In Japan, Japanese drug developer Meiji Seika Pharma has partnered for the local commercialization and distribution of the self-amplifying mRNA vaccine ARCT-154 for COVID-19.
"After three years of fits and starts of its COVID-19 vaccine program that included failed candidates and multiple collaborations and partnerships, Arcturus appears to be on the cusp of realizing the value of all its efforts," H.C. Wainwright analyst Ed Arce wrote.
As reasons for the upgrade, the analyst notes the ARCT-154's potential approval as a primary series and a booster in Japan alongside the company's efforts to develop the candidate as a bivalent vaccine for the U.S. and EU markets.