PIRS - Jefferies boosts price target for Pieris citing plans to develop 'long COVID' candidate

Jefferies has reiterated its buy rating on shares of Pieris Pharmaceuticals ([[PIRS]] +3.5%) and has raised its price target from $6 to $8.Analyst Roger Song writes that the announcement on June 25 that the company secured a a €14.2M (~$17M) grant for the development of PRS-220 for post-COVID-19 syndrome pulmonary fibrosis or "long COVID" bodes well and could add significant value to the company.The candidate is also under investigation for idiopathic pulmonary fibrosis.Song says that PRS-220's mechanism of action has been clinically validated, the drug is locally delivered, and addresses a significant unmet need in both indications.He also highlights that the company is on track later this summer to begin a phase 2 trial of PRS-343 in HER2 low/high gastric cancer.Pieris is planning on providing more details on its clinical development plans in the second half of the year.

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Jefferies boosts price target for Pieris citing plans to develop 'long COVID' candidate