H.C. Wainwright lowered the firm’s price target on Cocrystal Pharma (COCP) to $10 from $12 and keeps a Buy rating on the shares after the company reported last month that it had received written notice from a division of Merck (MRK) of the latter’s election to terminate the companies’ exclusive license and research collaboration agreement. The termination of the collaboration agreement with Merck does not affect the development of Cocrystal’s own anti-influenza lead candidate, CC-42344, but the firm believes it constitutes “a mild negative” due to the validation that had been provided to Cocrystal by having an established pharmaceutical firm like Merck as a partner, the analyst tells investors.
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Read More on COCP:
- Cocrystal Pharma announces first-patient-in for Phase 2a study of CC-42344
- Cocrystal Pharma Announces First-Patient-In for Phase 2a Human Challenge Study Evaluating Oral CC-42344 in Pandemic and Seasonal Influenza A
- Cocrystal Pharma Highlights its Novel Inhaled and Oral Influenza A Antiviral CC-42344 at the World Vaccine Congress West Coast
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