Kinnate Biopharma: Analysts start with 'buy' on promising pipeline, shares rise

Kinnate Biopharma

28/12/2020 15:12

** Shares of biopharmaceutical company  KNTE.O  rise 9.8% to
$41.74 
    ** Piper Sandler, SVB Leerink and Wedbush start coverage of
stock with "buy" rating 
    ** SVB Leerink  (PT: $52) thinks KNTE's drug-discovery
platform "will continue to generate fundamental and strategic
value for the company"
    ** Expects KNTE to deliver meaningful catalysts over the
next 6 to 18 months, including initial data readouts from
early-stage clinical studies of its cancer drug candidates
KIN002787 and KIN003 
    ** Wedbush (PT: $48) says it is confident in clinical
success of both the drugs, although they are still in
pre-clinical development
    ** "KNTE’s initial development in areas with less
competition allows greater market share of the relevant
patients" - brokerage
    ** Piper Sandler (PT: $60) believes KIN002787 could generate
$2.5 bln in sales on the low end of brokerage's expectations
    ** Up to Friday's close, stock had fallen 2.6% since its
debut in December

 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))