On Tuesday, Noble Capital maintained its Outperform rating on Cocrystal Pharma (NASDAQ:COCP) with a steady price target of $10.00. The firm's optimism is tied to the anticipated results from the CC-42344 Influenza Virus Program.
CC-42344, an oral PB2 inhibitor, is being developed to combat a wide range of pandemic and seasonal influenza strains. The Phase 2a human-challenge study, which has recently completed enrollment, is taking place in the UK. The outcomes of this trial are expected to be disclosed in the second half of 2024.
Cocrystal Pharma has been successful in meeting its clinical milestones according to the planned schedule. The company has also received guidance from the FDA regarding the Investigational New Drug (IND) filing requirements for the forthcoming Phase 2b trials.
The filing for the IND is anticipated in the latter half of 2024, marking a significant step forward in the drug's development process.
The completion of the current Phase 2a study and the upcoming IND filing for Phase 2b trials represent critical junctures for Cocrystal Pharma. If the trial data is positive, CC-42344 could advance to a Phase 2b study in the United States, specifically targeting influenza. This progression could be a pivotal event for the company and a potential catalyst for the stock's performance.
Noble Capital's reiterated Outperform rating and $10 price target reflect the firm's expectation of positive trial outcomes and the strategic advancement of CC-42344 in the drug development pipeline.
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