Chardan Capital downgrades Neubase to 'neutral' from 'buy'

NeuBase Therapeutics

17/10/2022 17:59

** Chardan Capital Markets cuts biotech firm Neubase
Therapeutics Inc  NBSE.O  to "neutral" from "buy" and withdraws
PT
    ** Brokerage says that amidst restructuring, NBSE yet to
announce any preclinical data regarding its gene editing
capabilities
    ** Notes that restructuring would pause preclinical
activities for co's drug trials and reduce headcount   
    ** Brokerage believes that co's proprietary PATrOL design
platform can address known challenges with gene medicine
payloads  
    ** Three of 4 brokerages rate the stock "buy" or higher, 1
"hold"; median PT is $11 - Refinitiv data
    ** Shares up 7% at $0.29, in line with broader U.S. market
    ** Stock had fallen 90% YTD vs a ~32% decline in the Nasdaq
Composite index  .IXIC  during the same period
 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))