"Benitec BioPharma (BNTC) Receives Positive Update on BB-301 Gene Therapy: Analysts Maintain Bullish Ratings and Price Targets"
Leerink Partners reaffirms Outperform rating and $13.00 price target for Benitec BioPharma (NASDAQ:BNTC) following the company's latest developments. The interim data from the Phase 1b/2a study of BB-301 for oculopharyngeal muscular dystrophy (OPMD) show promising results with no serious adverse events reported. Benitec is set to present at the World Muscle Society Annual Congress, summarizing the ongoing study's clinical data.
The financial model has been updated by Leerink to reflect these positive updates, leading to the reiteration of the Outperform rating and price target. Additionally, recent advancements in the clinical development program, including sustained improvements in swallowing function and strategic board appointments, have boosted investor confidence.
Analysts from Piper Sandler and JMP Securities are optimistic about Benitec, maintaining their ratings and increasing price targets based on the success of the BB-301 program. However, investors should be aware of the company's financial performance, with a low revenue and high gross profit margin, indicating potential challenges in funding ongoing activities.
InvestingPro Insights highlight the importance of monitoring Benitec's cash burn rate and the likelihood of profitability in the near future. Despite these concerns, the stock has shown strong returns over the past year, reflecting positive sentiment among investors. For a detailed analysis of Benitec's financials and stock performance, visit InvestingPro for expert insights and metrics to guide investment decisions.