Maxim analyst Jason McCarthy upgraded NLS Pharmaceutics to Buy from Hold with a $4 price target after the company announced a purchase agreement with BVF Partners to raise aggregate proceeds of up to $30M in a two-tranche private placement. The analyst cites NLS’s extended cash runway and a "quality healthcare fund that is providing the financing" for the upgrade. He views the news as "validation of the program and company." NLS’s Quilience represents the most advanced orexin-targeting asset currently being developed for narcolepsy, McCarthy tells investors in a research note.
Published first on TheFly
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