2020-07-06 14:00:26 | Jefferies cuts Bellus target to $6, sees potential for 'meaningful upside'Jefferies analyst Suji Jeong lowered the firm's price target on Bellus Health to $6 from $20 and keeps a Buy rating on the shares. This morning's Phase 2 data validates the clean safety profile of BLU-5937 and shows activity in the subgroup of high cough count patients, Jeong tells investors in a research note. While no cough frequency benefit in all patients is disappointing, statistically significant efficacy seen in the subgroup is encouraging, particularly with cash sufficient for Phase 2b trial, adds the analyst. At the current enterprise of below $100M, Jeong sees "meaningful upside" in Bellus shares if the Phase 2b is successful. Shares of Bellus Health are off their lows but remain down 69% to $3.78 in afternoon trading. | |
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