MCRB - Seres Therapeutics started at JP Morgan at neutral on c. difficile candidate
2023-04-21 09:11:40 ET
- JP Morgan has initiated Seres Therapeutics ( MCRB ) with a neutral rating saying that it will take time for SER-109, currently under priority review with the USA FDA for the prevention of recurrent C. difficile infection, to have its reimbursement to take place.
- The firm has a $7 price target (~11% upside based on Thursday's close).
- Analyst Tessa Romero said that while she expects approval of SER-109 by the April 26 FDA action date, "we see the next year as crucial to setting the launch up for success and as such don't see the first couple of quarters as levers for stock outperformance.
- "At the same time, longer term we can make a case for nice uptake once reimbursement is successfully in place," she added.
- Romero noted that based on checks with key opinion leaders, there is an unmet need for recurrent C. difficile treatments beyond current antibiotics.
- Read why Investing Groups Leader BioSci Capital Partners recently called Seres ( MCRB ) a buy.
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Seres Therapeutics started at JP Morgan at neutral on c. difficile candidate