Kinnate Biopharma in Focus: Analyst's Adjusted Price Target and the Potential of KIN-3248
Portfolio Pulse from Vandana Singh
HC Wainwright has lowered the price target for Kinnate Biopharma Inc (NASDAQ:KNTE) to $24 from $25 with a Buy rating. The company reported a net loss of $0.73 per share for 2022, and has cash and investments of $231.2 million. Analysts note the potential for KIN-3248 to garner tumor-agnostic approval based on the Phase 2 RAGNAR trial results.
May 18, 2023 | 6:36 pm
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HC Wainwright lowered Kinnate Biopharma's price target to $24 from $25 with a Buy rating. KIN-3248 shows potential for tumor-agnostic approval based on Phase 2 RAGNAR trial results.
The lowered price target may have a short-term negative impact on the stock price, but the potential for KIN-3248 to garner tumor-agnostic approval based on the Phase 2 RAGNAR trial results could offset this and provide a positive outlook for the company in the long run. Therefore, the short-term impact is neutral.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100