Pieris should be bought on any weakness, says H.C. Wainwright
Pieris Pharmaceuticals (PIRS) announced this morning the termination of two early-stage partnerships with Roche (RHHBY) and Sanofi (SNY), H.C. Wainwright analyst Joseph Pantginis tells investors in a research note. He notes that the partnerships did not proceed beyond preclinical development. Any contribution to the weakness in the shares by this announcement and any negative perception is unwarranted as these were non-core relationships, Pantginis says. His investment case on Pieris remains unchanged with primary focus on its two lead assets, PRS-343 and PRS-060, as well as the company's major partnerships with AstraZeneca (AZN) and Servier. The analyst reiterates a Buy rating on Pieris with a $12 price target.