CalciMedica rises as Oppenheimer initiates 'outperform' rating on drug sales potential
24/03/2023 15:48
** Shares of drug developer CalciMedica Inc CALC.O rise
5.31% to $5.95
** Oppenheimer initiates coverage on CALC with "outperform"
rating; sets PT at $14
** Brokerage says Phase 2 trial results from co's Auxora
drug study showed strong chance of getting a expediated review
by the U.S. Food and Drug Administration
** The drug is being tested to treat severe COVID-19
pneumonia and acute pancreatitis (AP)
** "We believe Auxora has $400M sales potential in AP alone,
an indication that presents little foreseeable competition" -
Oppenheimer
** Adds stock expected to outperform its peers in 2023 and
beyond, driven by the progress in Auxora's development
** Including session gains, CALC down 14.29% YTD
(Reporting by Aniruddha Ghosh in Bengaluru)
((Aniruddha.Ghosh@thomsonreuters.com; 91 83 83 81 2416;))