On Friday, Singular Research increased its price target for CalciMedica (NASDAQ:CALC), a biopharmaceutical company, from $10.75 to $11.25. The firm maintained its Buy-Venture rating for the company's stock. This adjustment follows CalciMedica's recent announcement of positive Phase IIb CARPO trial results for their drug Auxora, which is being developed to treat acute pancreatitis.
The analyst from Singular Research highlighted that the promising data from the CARPO trial not only supports the progression to a Phase III pivotal trial by mid-2025 but also boosts confidence in the ongoing KOURAGE Phase II trial of Auxora for acute kidney injury. The multiple ongoing programs for Auxora were noted as positive for the company's valuation.
According to the analyst, CalciMedica's current cash levels are deemed sufficient to support its programs into mid-2025 before there would be a need for additional funding. This financial stability is a key factor in maintaining the Buy-Venture rating.
The statement from Singular Research emphasizes the valuation implications of the CARPO data, stating, "Positive Phase IIb CARPO data for Auxora in acute pancreatitis should lead to Phase III pivotal trial by mid-25. CARPO data increases our confidence in KOURAGE Phase II trial in acute kidney injury. Multiple programs for Auxora encouraging from a valuation standpoint."
In conclusion, the analyst reiterated the Buy-Venture rating and justified the increased target price by expressing a reinforced belief in the potential of CalciMedica's drug development programs and their financial strategy, which appears to be aligned with the company's operational milestones.
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