H.C. Wainwright has adjusted its price target for Cocrystal Pharma, Inc. (NASDAQ: COCP) to $7.00 from the previous $10.00 but kept a Neutral rating on the stock. This change follows the announcement of favorable Phase 1 study results for CDI-988, Cocrystal Pharma's pan-viral protease inhibitor.
Last month, Cocrystal Pharma revealed positive safety and tolerability findings from the single-ascending dose (SAD) cohorts of a Phase 1 trial involving healthy volunteers. CDI-988, which targets a conserved region of 3CL viral proteases, is being developed to potentially treat norovirus and coronaviruses. The drug's development leverages Cocrystal's proprietary drug discovery platform.
The company is in the process of manufacturing the drug for the upcoming multiple-ascending dose (MAD) cohorts. The enrollment for this segment of the study is expected to commence in the fourth quarter of 2024, with early 2025 earmarked for the potential release of results. The ongoing Phase 1 study is a single-center, randomized, double-blind trial conducted in Australia, which also includes a food-effect cohort to assess the pharmacokinetics of CDI-988.
During the SAD portion of the trial, participants received doses ranging from 100mg to 600mg of CDI-988. Completion of the study was achieved with no dropouts, and there were no serious adverse events (SAEs) or severe treatment-emergent adverse events (TRAEs) reported. Additionally, no significant concerns were raised during laboratory assessments, physical examinations, or electrocardiograms.
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