GMTX - Gemini Therapeutics gains as H.C. Wainwright sees over 800% upside for the stock

Gemini Therapeutics (GMTX +23.5%) has recorded the second biggest intraday gain since its IPO last year after H.C. Wainwright initiated its coverage with a Buy rating. The price target of $20 per share implies a premium of ~723.0% to the last close. The firm highlights the upcoming Phase 2a data readout for biotech’s lead candidate, GEM103, which has the potential to serve as a “platform catalyst” for the company, according to the analyst Matthew Caufield. In November, Gemini (NASDAQ:GMTX) shared new safety data and updated the initial data from the ongoing ReGAtta Phase 2a study of GEM103 in geographic atrophy (GA). A six-month update from the trial is expected before the year-end. “We believe GEM103 can demonstrate safety and biomarker data supportive of complement regulation for late-stage progress,” Caufield wrote, supporting his thesis. “Prospective investor aversion to recent pipeline consolidation, and being newer to Gemini’s SPAC story presents opportunity,” Caufield

For further details see:

Gemini Therapeutics gains as H.C. Wainwright sees over 800% upside for the stock