Categories Analysis, Health Care
Fundamental Research Corp. initiates coverage of Ocean Biomedical (OCEA) with “Buy” recommendation
Earlier, EF Hutton had initiated equity analyst coverage of the company with a “Buy” recommendation
Ocean Biomedical, Inc. (NASDAQ: OCEA) on Thursday said that Fundamental Research Corp. initiated equity analyst coverage of its stock with a “Buy” recommendation. The price target is $16.4.
“We are pleased to see initiation of additional research converge on our core platforms in oncology, fibrosis, and infectious diseases that has the potential to save thousands of lives,” said Dr. Chirinjeev Kathuria, co-founder and chairman of the company.
Innovative Model
The Providence, Rhode Island-based biopharmaceutical company collaborates with inventors, universities, and research institutions to commercialize their discoveries for medical treatments. Its main assets are in oncology, fibrosis, and infectious diseases, and has a broad pipeline with multiple formulations at various stages of development.
Commenting on the research coverage, Ocean Biomedical’s director Suren Ajjarapu said, “We are grateful that Fundamental Research Corp. initiated coverage and look forward to continued support by our investor base to solve some of the most challenging and deadly diseases facing humanity.”
Updates
The research coverage comes on the heels of EF Hutton initiating coverage of the company earlier this month with a “Buy” recommendation. Last month, Ocean Biomedical’s scientific co-founder Dr. Jonathan Kurtis was granted a new patent for his discovery related to malaria, giving a boost to the company’s malaria vaccine program. Studies showed that a third-parasite target called PfCDPK-5 can potentially be used to interdict the parasite at multiple stages in the malaria cycle.
Ocean Biomedical provides positive research data on anti-tumor pathway; stock climbs
Of late, the biotechnology space has been witnessing consolidations. Recently, Seagen Inc., which follows a business model that is similar to Ocean Biomedical, agreed to be acquired by pharma giant Pfizer Inc. (NYSE: PFE) for $43 billion. Pfizer expects the buyout to help deepen its reach into cancer treatment. Seagen is a biotech drug developer specializing in antibody-drug conjugate technology.
Most Popular
CL Earnings: Key quarterly highlights from Colgate-Palmolive’s Q2 2024 financial results
Colgate-Palmolive Company (NYSE: CL) reported its second quarter 2024 earnings results today. Net sales increased 4.9% year-over-year to $5 billion. Organic sales increased 9%. Net income attributable to Colgate-Palmolive Company was $731
Key takeaways from Visa’s Q3 2024 earnings report
Credit card behemoth Visa, Inc. (NYSE: V) this week reported mixed results for the June quarter, with earnings matching expectations and sales slightly missing the view. Both numbers grew in
Southwest Airlines (LUV): A look at the airline’s performance in Q2 2024
Shares of Southwest Airlines Co. (NYSE: LUV) were up over 6% on Thursday after the company beat earnings estimates for the second quarter of 2024. The stock has gained 4%