Aegis Capital has reiterated a ‘Buy’ rating and price target of $25 on shares of Concert Pharmaceuticals, Inc.’s (NASDAQ: CNCE) stock following news that the company has entered into a $30 million venture debt financing agreement with Hercules Capital, Inc. The analyst noted that the deal helps extend the company’s cash runway by bringing Concert’s cash on hand to approximately $114 million, which should fund operations through the end of 2018. Additionally, the analyst noted the company’s upcoming catalysts, including the close of its CTP-656 deal in the fourth quarter of 2017; a CTP-543 phase 2a trial in Alopecia Areata expected in the first quarter of 2018; and a AVP-786 phase 3 trial in Alzheimer agitation expected in the third quarter of 2018.
For more information, visit www.concertpharma.com
Concert Pharmaceuticals is a clinical stage biopharmaceutical company focused on applying its DCE Platform® (deuterated chemical entity platform) to create novel medicines designed to address unmet patient needs. The company’s approach starts with approved drugs in which deuterium substitution has the potential to enhance clinical safety, tolerability or efficacy. Concert has a broad pipeline of innovative medicines targeting pulmonary diseases, including cystic fibrosis, autoimmune and inflammatory diseases and central nervous systems (CNS) disorders.
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