Aegis Capital has reiterated a ‘Buy’ rating and issued a price target of $25 on shares of Concert Pharmaceuticals, Inc.’s (NASDAQ: CNCE) stock. The news follows the company’s recently reported financial results for the first quarter of 2017, including revenue of $20,000 for the quarter. The analyst noted that because Concert is a clinical stage development company, the firm focuses less on the quarterly financials and more on events surrounding clinical trials and deal announcements. During the first quarter, Concert entered an asset purchase agreement with Vertex Pharmaceuticals (NASDAQ: VRTX) for CTP-656. Per the agreement, Vertex will pay Concert up to $250 million for exclusive worldwide rights, including a $160 million upfront payment upon closing and $90 million in milestones. The analyst also noted upcoming events for the company, including the anticipated release of multiple top-line data readouts over the next 18 months.
For more information, visit www.concertpharma.com.
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.
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