HGEN - Oppenheimer sees big potential for Humanigen's COVID-19 therapy lenlizumab

Oppenheimer has initiated shares of Humanigen (HGEN) with an outperform rating as its experimental COVID-19 therapy is "the most investible approach to the maturing COVID-19 pandemic."The firm's $30 price target implies upside of around ~39% based on today's close.Analyst Kevin DeGeeter says that lenlizumab can attract near-term demand through government procurement and intermediate-term demand regardless of the impact of COVID-19 vaccine-resistant strains.In the long term, he sees the potential for the monoclonal antibody to treat other conditions.Yesterday, the company published phase 3 data of lenlizumab in hospitalized COVID-19 patients.DeGeeter projects that lenlizumab will receive emergency use authorization in the second half of the year.He sees $1.45B in cumulative revenue by 2025.Separately, he believes the Street is underestimating other opportunities for lenlizumab as a CAR-T therapy and for graft-versus-host disease.Humanigen shares closed today down 3.3% to $18.40.

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Oppenheimer sees big potential for Humanigen's COVID-19 therapy lenlizumab