AstraZeneca (AZN) has revealed positive Phase IIa data from the EPICCURE trial of its injection AZD8601, which has been co-developed with Moderna (MRNA). The company said that the trial has met the primary endpoint of safety and tolerability in patients with heart failure.
The trial was performed on 11 patients, of which seven were injected with AZD8601 and the remaining received placebo injections. The company said that the injection was directly administered to the myocardium of patients undergoing elective coronary artery bypass grafting (CABG) surgery. (See AstraZeneca stock charts on TipRanks)
The Executive Vice-President, BioPharmaceuticals R&D, AstraZeneca, Mene Pangalos, said, “Over one billion heart cells can be lost during a heart attack. These early results indicate the potential of mRNA therapeutics in stimulating VEGF-A production to provide reparative and disease-modifying options for patients with heart failure and other ischaemic vascular diseases.”
Recently, Leerink Partners analyst Andrew Berens reiterated a Buy rating on AstraZeneca with a price target of $73 (22.1% upside potential from current level).
The stock has a Moderate Buy consensus rating based on 2 Buys. The average AstraZeneca price target of $73 implies 22.1% upside potential from current levels. Shares have gained 6.2% over the past year.
According to the TipRanks’ Smart Score rating system, AstraZeneca gets a 5 out of 10, which indicates that the stock is likely to perform in line with market averages.