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Molecular Partners (MOLN) announced that it has made clinical progress with its novel antiviral candidate ensovibep, which is designed to bind and inhibit SARS-CoV-2 virus that causes COVID-19.
The company said ensovibep maintained potency in an in vitro assay and demonstrated full inhibition of all newly emerging known variants, including the Delta variants.
In collaboration with Novartis, the program is being studied in a Phase 2 single-arm pilot study in ambulatory patients in the Netherlands.
The company highlighted the initiation of a subcutaneous program to align with the global registrational studies presently underway using administration via infusion. From this year, the studies will evaluate ensovibep delivered subcutaneously to healthy individuals and subsequently to COVID-19 patients. (See Molecular Partners stock chart on TipRanks)
Further, EMPATHY Phase 2/3 trial is enrolling ambulatory patients in five countries with more countries to be added in the coming months. Also, interim data is expected to be revealed in the second half of 2021 and full topline data in early 2022.
On June 21, H.C. Wainwright analyst Robert Burns initiated coverage on the stock with a Buy rating and price target of $25 (32.6% upside potential from current levels).
Burns is of the opinion that there is a 30% probability of approval to ensovibep with potential peak sales of close to $1 billion.
The stock has a Moderate Buy consensus rating based on 1 Buy. The average Molecular Partners price target of $25 implies 32.6% upside potential. Shares have declined 2.9% over the past year.
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on Molecular Partners with 2.3% of investors registered with TipRanks increasing their exposure to MOLN stock over the past 30 days.
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