Ocean Biomedical, Inc. (NASDAQ: OCEA) on Thursday said that Fundamental Research Corp. initiated equity analyst coverage of its stock with a “Buy” recommendation. The price target is $16.4.
“We are pleased to see initiation of additional research converge on our core platforms in oncology, fibrosis, and infectious diseases that has the potential to save thousands of lives,” said Dr. Chirinjeev Kathuria, co-founder and chairman of the company.
Innovative Model
The Providence, Rhode Island-based biopharmaceutical company collaborates with inventors, universities, and research institutions to commercialize their discoveries for medical treatments. Its main assets are in oncology, fibrosis, and infectious diseases, and has a broad pipeline with multiple formulations at various stages of development.
Commenting on the research coverage, Ocean Biomedical’s director Suren Ajjarapu said, “We are grateful that Fundamental Research Corp. initiated coverage and look forward to continued support by our investor base to solve some of the most challenging and deadly diseases facing humanity.”
Updates
The research coverage comes on the heels of EF Hutton initiating coverage of the company earlier this month with a “Buy” recommendation. Last month, Ocean Biomedical’s scientific co-founder Dr. Jonathan Kurtis was granted a new patent for his discovery related to malaria, giving a boost to the company’s malaria vaccine program. Studies showed that a third-parasite target called PfCDPK-5 can potentially be used to interdict the parasite at multiple stages in the malaria cycle.
Ocean Biomedical provides positive research data on anti-tumor pathway; stock climbs
Of late, the biotechnology space has been witnessing consolidations. Recently, Seagen Inc., which follows a business model that is similar to Ocean Biomedical, agreed to be acquired by pharma giant Pfizer Inc. (NYSE: PFE) for $43 billion. Pfizer expects the buyout to help deepen its reach into cancer treatment. Seagen is a biotech drug developer specializing in antibody-drug conjugate technology.
