Century Therapeutics shares target cut, retains Overweight
Investing.com | Editor Ahmed Abdulazez Abdulkadir
Published Apr 12, 2024 14:12
On Friday, Piper Sandler adjusted its outlook on Century Therapeutics (NASDAQ:IPSC), a company specializing in iPSC-derived cell therapies, by reducing its price target to $9.00 from the previous $10.00.
The firm maintains an Overweight rating on the stock. The adjustment follows Century Therapeutics' acquisition of Clade Therapeutics, which includes preclinical assets such as CLDE-308 (CD19) and CLDE-361 (BCMA), for a total of $35 million in cash and stock.
The acquisition is seen as a move that reinforces Century's position in the field of iPSC-derived cell therapies. In a recent financing round, Century issued 15.87 million shares, raising gross proceeds of approximately $60 million. This capital increase is expected to bring the company's pro forma cash balance to around $325 million.
Century Therapeutics is on track to present more Phase I ELiPSE data on CNTY-101 for B cell lymphoma around the middle of 2024. Furthermore, the company has plans to launch the Phase I CALiPSO-1 study of CNTY-101 in Systemic Lupus Erythematosus (SLE) during the first half of 2024. There are also expectations to broaden the development of its therapies into additional autoimmune diseases in the latter half of the year.
Piper Sandler reaffirmed its Overweight rating on Century Therapeutics, indicating a positive outlook on the stock's potential. The price target reduction to $9.00 is attributed to the dilutive effect of the recent financing, as noted by the firm in its commentary.
The analyst stated, "We reiterate our Overweight rating, however are trimming our price target to $9 from $10 to account for dilution from the financing."
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