Analyst Judah Frommer from Morgan Stanley maintained a Buy rating on Zenas BioPharma, Inc. and keeping the price target at $31.00.
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Judah Frommer has given his Buy rating due to a combination of factors including strategic licensing agreements and promising clinical developments. Zenas BioPharma has secured exclusive global rights to several immunology programs, notably orelabrutinib, a BTK inhibitor for multiple sclerosis, which is currently in Phase 3 development. This acquisition not only enhances Zenas’ pipeline but also presents a significant opportunity in the progressive MS market, valued at over $12 billion.
Additionally, the company has raised $120 million through a PIPE transaction, which strengthens its financial position and extends its cash runway. The recent blinded MRI data from the Phase 2 MoonStone trial also indicates positive clinical activity for obexelimab in RMS. These strategic moves and clinical advancements collectively position Zenas BioPharma as a compelling investment opportunity, justifying the Buy rating.
In another report released yesterday, H.C. Wainwright also reiterated a Buy rating on the stock with a $30.00 price target.
Based on the recent corporate insider activity of 6 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ZBIO in relation to earlier this year.