Shares of Singapore’s Aslan Pharmaceuticals (ASLN) - Get Aslan Pharmaceuticals Ltd. ADR Report rose sharply Friday, after Jefferies analyst Maury Raycroft initiated coverage of the drug company with a buy rating and an $8 price target
“ASLN's '004 is a fast follower, targeting an understood, de-risked path in atopic dermatitis [eczema],” the analyst said.
“The path was paved by REGN's dupilumab, which was approved for AD in 2017, asthma in '18, and nasal polyps in '19, with total sales of $4.2 billion in '20.”
Further, “dupi is a 'pipeline in a drug.' ASLN's '004 is differentiated but has some overlap with REGN's MOA, which we think de-risks and informs ASLN's clinical development & commercial strategies,” Raycroft said.
And, with the company’s $101 million in cash, the stock looks cheap, the analyst said.
Aslan traded at $3.45, up 8.5%, at last check.
In other health news, Sigilon Therapeutics (SGTX) - Get Sigilon Therapeutics Report plunged Friday, after the Food and Drug Administration notified the biotech company that its Phase 1/2 study of SIG-001 for hemophilia A has been placed on clinical hold.
“The clinical hold was initiated following the company’s submission of a serious adverse event and temporary enrollment halt to the FDA,” Sigilon said in a statement.
“The patient is responding well to medical treatment, and his condition continues to improve,” the company added.
The Carlsbad, Calif., medical-technology company is preparing a limited release of the module in this quarter.
Piper Sandler’s Matthew O’Brien affirmed his overweight rating and $28 price target.