HGEN - Despite spike on COVID-19 therapy data J.P. Morgan remains neutral on Humanigen

While shares of Humanigen (HGEN) are up 54.1% to $21.56 in afternoon trading, J.P. Morgan analyst Eric Joseph is maintaining his neutral rating and $21 price target.This morning, the company released positive phase 3 data on COVID-19 therapy candidate lenzilumab."Despite supporting clinical benefit over standard of care, the data are limited in their differentiation from other biologic immuno-suppressive regimes available for offlabel use in the indication (namely [Roche/Genentech's Actemra], per NIH guidelines," Joseph writes.He sees the pricing potential of lenzilumab between $4.5k and $6k per patient.Joseph views today's upside as "somewhat overdone."

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Despite spike on COVID-19 therapy data, J.P. Morgan remains neutral on Humanigen