On Tuesday, Jones Trading reiterated its Buy rating and $6.00 stock price target for Clearside Biomedical (NASDAQ:CLSD). The firm's decision follows Clearside's recent announcement regarding the progress of its Phase 2b ODYSSEY trial for the treatment CLS-AX in patients with wet age-related macular degeneration (wAMD).
The final patient visit in the ODYSSEY trial has been completed, and the study's data is currently undergoing the cleaning and verification process.
Clearside Biomedical expects the database lock and the final analysis of the trial data to occur in the upcoming weeks. The company plans to release the topline data from the ODYSSEY trial during the week of October 7, 2024, a slight shift from the previously anticipated late third quarter of 2024.
Jones Trading remains optimistic about the potential of CLS-AX, suggesting that it is likely to maintain stable vision for patients when compared to the existing treatment, aflibercept. Moreover, the firm anticipates that CLS-AX could reduce the treatment burden and side effects for patients suffering from wAMD.
The analyst from Jones Trading believes that a positive outcome from the ODYSSEY trial could significantly increase the value of Clearside Biomedical's shares. With the key data expected to be shared in early October, the firm has reiterated its confidence in the stock with a Buy rating and a maintained $6.00 price target.
In other recent news, Clearside Biomedical reported significant developments in its operations. The company's Q1 2024 financial report revealed a net loss of $11.8 million, with operating expenses at $8 million, lower than the estimated $10 million. However, Clearside ended the quarter with $35 million in cash, providing financial stability into Q3 2025.
The company's leading product candidate, CLS-AX, is currently in the Phase 2b ODYSSEY trial, expected to read out data in Q3 2024, aiming to demonstrate its efficacy in treating wet Age-related Macular Degeneration (AMD (NASDAQ:AMD)). Notably, H.C. Wainwright and JMP Securities have maintained a Buy and "market perform" rating, respectively, with a price target of $5.00 for Clearside Biomedical.
In other developments, the company announced the appointment of Glenn C. Yiu, M.D., Ph.D., to its Scientific Advisory Board (SAB) and the election of three directors at its annual meeting. These are recent developments that highlight Clearside Biomedical's ongoing efforts in its operations and leadership.
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