Categories Health Care, LATEST

Ocean Biomedical’s share price target averages $18.21 amid continued progress in research programs

The company will host a Research and Development Day on September 14, featuring a live Q&A with its scientific co-founders Dr. Jack A. Elias and Dr. Jonathan Kurtis

Ocean Biomedical, Inc. (NASDAQ: OCEA) on Wednesday shared collective analyst research coverage from three firms, with current Buy recommendations and share price targets currently averaging $18.21. Ocean Biomedical is a biopharmaceutical company that partners with scientists, research universities, and medical centers for developing and commercializing their discoveries.

In 2022, EF Hutton initiated coverage of Ocean Biomedical with a share price target of $10 and then raised it to $17 this year. Fundamental Research Corporation initiated coverage with a price target of $16.40 and then raised the target to $17.63 in advance of the company’s addition to the Russell 2000 Index in June. On June 1, Taglich Brothers initiated coverage with a price target of $20.

Dr. Chirinjeev Kathuria, co-founder and executive chairman of Ocean Biomedical said, “We are pleased to see our cumulative efforts and growing strengths recognized by the analysts covering our stock, and the stockholders who have invested in us, especially the diverse potential of our core cancer, malaria, and fibrosis programs.”

Promising Pipeline

The company’s strengths highlighted by the research firms in their coverage include its IP and patents for a diversified pipeline of late-stage pre-clinical assets in cancer, malaria, and fibrosis; experimental results showing promise in multiple cancers including lung cancer and glioblastoma; and novel discoveries in malaria prevention and treatment, with a breakthrough vaccine candidate being advanced and the potential for a whole new class of anti-malarial drugs.

Another strength emphasized by the firms in their coverage is the committed financial backing, including previously disclosed funding facilities with White Lion Capital LLC and Alto Opportunity Master Fund, SPC – Segregated Master Portfolio B, which, subject to conditions and restrictions, could provide up to $100 million.

“We appreciate the close attention analysts have given to our asset portfolio,” commented Ocean Biomedical’s CFO Gurinder Kalra.

R&D Day

Ocean Biomedical is all set to host a Research and Development Day on September 14, featuring a live Q&A with its scientific co-founders Dr. Jack A. Elias and Dr. Jonathan Kurtis, who will provide additional insights into their research and development work.

“Our team of experienced biopharma executives and top-tier scientists continue their efforts to realize the potential of these important discoveries and move our research programs towards clinical trials as efficiently as possible,” said Elizabeth Ng, the company’s CEO.

Currently, Ocean Biomedical is working to develop promising discoveries that have the potential to achieve life-changing outcomes in lung cancer, brain cancer, pulmonary fibrosis, and the prevention and treatment of malaria.

Most Popular

What to look for when CVS Health (CVS) reports Q3 earnings

Healthcare company CVS Health Corporation (NYSE: CVS) is all set to report earnings next week, with Wall Street expecting a mixed outcome. The company has been facing challenges in certain

eBay (EBAY): A few factors that helped drive growth in Q3 2024

Shares of eBay Inc. (NASDAQ: EBAY) stayed green on Friday. The stock has gained 32% year-to-date. The ecommerce leader delivered revenue and earnings growth for the third quarter of 2024,

CVX Earnings: Chevron reports lower revenue and profit for Q3 2024

Energy exploration company Chevron Corporation (NYSE: CVX) on Friday announced third-quarter 2024 financial results, reporting a decline in net profit and revenues. Net income attributable to Chevron Corporation dropped to

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top