Aegis Capital Corp. has reiterated a ‘Buy’ rating and $25 price target on the stock of Concert Pharmaceuticals, Inc. (NASDAQ: CNCE) following the company’s recent report of financial results for the year ended December 31, 2016. Revenue was $174,000 for the year ended December 31, 2016, compared to $66.7 million for the year ended December 31, 2015. However, because Concert is a clinical-stage company, Aegis cited the events surrounding clinical trials rather than financials. In its earnings release, Concert also announced an asset acquisition agreement in which Vertex Pharmaceuticals will acquire Concert’s CTP-656 for up to $250 million. Concert expects to present top-line data from the trial before year-end.
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Concert Pharmaceuticals is a clinical stage biopharmaceutical company focused on applying its DCE Platform® (deuterated chemical entity platform) to create novel medicines designed to address unmet patient needs. The company’s approach starts with approved drugs in which deuterium substitution has the potential to enhance clinical safety, tolerability or efficacy. Concert has a broad pipeline of innovative medicines targeting pulmonary diseases, including cystic fibrosis, autoimmune and inflammatory diseases and central nervous systems (CNS) disorders. For more information please visit www.concertpharma.com.
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