H.C. Wainwright has reaffirmed its Buy rating on shares of Innate Pharma S.A. (NASDAQ: IPHA), maintaining the 12-month price target at $11.50.
The biopharmaceutical company, which specializes in cancer immunotherapy, reported its financial results for the first half of 2024 on September 12.
Innate Pharma disclosed revenues of €12.3 million and a net loss of €0.31 per share for the first half of the year.
Looking ahead, H.C. Wainwright forecasts revenues for the full year 2024 to reach approximately €22 million, with an anticipated net loss of €0.67 per share.
The firm's analysts highlight that Innate Pharma concluded the first half with a strong cash position, having cash and cash equivalents totaling €102 million.
According to the analyst's statement, the company's current financial position is expected to adequately fund its operations until the end of 2025. This financial stability is a key factor in the firm's decision to maintain its positive stance on the Innate Pharma stock.
The reiterated Buy rating and price target reflect the firm's confidence in Innate Pharma's prospects. The company's financial health and potential for growth in the biopharmaceutical industry are central to this optimistic outlook.
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