COCP - Cocrystal Pharma Inc. (COCP) - Transferring Coverage and Reiterating Rating
A portfolio of anti-viral products with novel mechanisms of action. The company has six antiviral products in development for Hepatitis C, Influenza, COVID-19, and Norovirus that are in development both as cocktails or monotherapies. We are transferring coverage and reiterating our Buy rating on Cocrystal Pharmaceuticals. Our price target remains at $5 per share.Proprietary technology. Its technology is based on Noble-prize-winning discoveries by Dr. Roger Kornberg, Chief Scientist and Chairman of its Scientific Advisory Board. It product pipeline has been developed using its proprietary structure-based design, based on X-ray crystallogrpahy and protein engineering.Additional mechanism of action. The program in HCV is aimed at adding an additional mechanism of action to the current two-target drugs. The drug, CC-31244, could shorten the treatment regimen and improve compliance for HCV therapy. This would improve time to disease resolution and reduce missed doses that lead to development of resistant viral strains. Collaboration with Merck. The company has successfully completed its research and delivered candidate molecules for clinical development. Merck will test the molecules and choose those to advance to clinical trials. We expect the selection to generate a milestone payment to Cocrystal later in 2021. The company is also developing CC-42344, a PB2 inhibitor for pandemic influenza. Both programs target the reproductive enzymes needed by the virus, different mechanisms of action than the current Influenza therapies that act on surface proteins.Developing a COVID-19 protease inhibitor. The inhibitor, CDI-45205, is part of a research collaboration developing antivirals against the norovirus and coronaviral family of RNA viruses. These molecules have a target different points in the viral replication pathway from the current vaccines and other drugs in development. If successful, these could provide longer-lasting protection from COVID-19 and similar viruses. We expect the company to continue preclinical IND studies for CDI-45205 during 2021. Read More >>