Nov. 18 at 12:29 PM
Guggenheim⬆️
$CNTA's PT to
$43 from
$28 and reiterated at a Buy rating.
$ALKS $TAK $ESALY $HRMY NCEL
Guggenheim in its note said:
Following the promising preliminary readout from the ORX750 CRYSTAL-1 Ph2a study across NT1 / NT2 / IH (analysis of the data & discussion with management), as well as the relatively underwhelming results from alixorexton in NT2 (ALKS), we are increasing our PT to
$43 (prior
$28).
With ~
$619M in pro forma cash following recent equity financing, we believe CNTA is well-positioned to progress ORX750 into pivotal trials for NT1 / NT2 / IH, which collectively represent ~185K patients in the US, by our estimates.
ORX142 (currently in Ph1 HVs) and ORX489 (IND enabling), may further expand the addressable market of orexin agonists by targeting neurodegenerative and neuropsychiatric disorders.
