CALA - Calithera rises 8% after HC Wainwright upgrades rating to buy
- Calithera Biosciences ( NASDAQ: CALA ) is trading ~8% higher after HC Wainwright upgrades rating to Buy to Neutral, with an $8 price target.
- HC Wainwright analyst Swayampakula Ramakant believes the company has sufficient cash to fund operations into Q2 of 2023.
- The company had cash and cash equivalents of $41.8M at June 30.
- Calithera has two ongoing clinical development programs that are expected to provide data updates in Q1 of 2023, Ramakanth tells investors in a research note.
- If positive, both drugs could be evaluated in registrational studies to achieve accelerated FDA approval, says the analyst.
- He estimates Calithera to achieve risk-adjusted revenues of $111M by 2030.
- ( CALA ) is down ~74% YTD.
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Calithera rises 8% after HC Wainwright upgrades rating to buy