On Tuesday, H.C. Wainwright reaffirmed its Buy rating and $21.00 price target on Edesa Biotech Inc. (NASDAQ:EDSA) stock, following the company's recent operational developments.
The firm's endorsement comes after Edesa Biotech's announcement on August 9, 2024, of its fiscal third-quarter results and a significant update on its drug candidate EB05 (paridiprubart).
Edesa Biotech's EB05, an anti-toll-like receptor 4 (TLR4) monoclonal antibody (mAb), has been selected by the Biomedical Advanced Research and Development Authority (BARDA) for a U.S. government-funded study.
This study aims to explore EB05 as a potential treatment for patients suffering from acute respiratory distress syndrome (ARDS), marking a notable step forward for the company.
BARDA, which operates under the Administration for Strategic Preparedness and Response (ASPR) within the U.S. Department of Health and Human Services (HHS), focuses on developing medical countermeasures for public health emergencies. This authority's selection of Edesa Biotech's candidate underscores the government's interest in EB05 as a novel therapeutic approach.
The firm anticipates that Edesa Biotech's EB05 could receive Emergency Use Authorization for treating COVID-19 related ARDS. This expectation is supported by the company's strengthened financial position, projected to sustain its operational momentum through 2026.
The reiterated Buy rating and price target reflect confidence in Edesa Biotech's potential and its capacity to meet the strategic goals set forth by the company and its stakeholders.
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