Pardes Biosciences initiated with an Outperform at JMP Securities

JMP Securities analyst Roy Buchanan initiated coverage of Pardes Biosciences with an Outperform rating and $9 price target. COVID-19 is likely to persist, such that effective, safe, and convenient therapeutics, including new oral Mpro inhibitors, are needed, Buchanan tells investors in a research note. Pardes expects to wrap up a Phase 2 trial for oral Mpro inhibitor PBI-0451 in Q1 of 2023, says the analyst, who models a launch in the second half of 2024 "that rapidly ramps to peak-penetration sales" of $2B.