Singular Research raised its price target on biopharmaceutical company CalciMedica (NASDAQ: CALC ) from $10.75 to $11.25 on Friday. The firm maintains a buy risk rating on the company’s shares. The adjustment follows CalciMedica’s recent announcement of positive results from a Phase IIb CARPO trial of its drug Auxora, which is being developed to treat acute pancreatitis.
Analysts at Singular Research highlighted that the encouraging data from the CARPO trial not only supports progression to a pivotal Phase III trial by mid-2025, but also bolsters confidence in the ongoing KOURAGE Phase II trial of Auxora in acute kidney injury. Auxora has several ongoing projects that are considered positive for the company’s valuation.
CalciMedica’s current cash levels are considered sufficient to support its projects until mid-2025 before additional funding is required, the analyst said. This financial stability is a key factor in maintaining a Buy risk rating.
Singular Research’s statement highlighted the valuation impact of the CARPO data, noting: “Positive Phase 2b CARPO data for Auxora in acute pancreatitis should lead to a Phase III pivotal trial by mid-25. The CARPO data strengthens our view on KOURAGE II confidence in the trial.
Finally, the analyst reiterated a Buy-Venture rating and justified the increased target price by expressing strong belief in CalciMedica’s drug development program and the potential of its financial strategy, which appears to be consistent with the company’s operating milestones.
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