DiaMedica Therapeutics price target lowered to $8 from $11 at Craig-Hallum

Craig-Hallum lowered the firm’s price target on DiaMedica Therapeutics to $8 from $11 and keeps a Buy rating on the shares. DiaMedica’s fourth quarter call centered around updated timelines to its ReMEDy2 Phase 2/3 study. Timelines shifted to the right by a quarter and the firm is still awaiting dosage of the first patient. The study relaunched in December and the company has six sites open for enrollment. The company believes the majority of U.S. sites will be activated by Q3 2024, Canada by Q3 2024, and Australia by Q4 2024. An additional 18 sites are in the contracting phase. Based on the company’s current enrollment site activation expectations, management is now guiding to completing enrollment for the interim analysis in Q1 2025. Given the study lasts for 90 days after dosage and 2 months for data assembly, QC, analysis it puts interim data release at mid-2025. However, Craig-Hallum thinks this timeline could be too aggressive.