The analyst upgraded the rating to Buy from Neutral with a price target of $8.
At the end of 2Q22, the company had nearly $42 million in cash and cash equivalents, sufficient to fund operations into 2Q23.
Calithera has two ongoing clinical development programs that are expected to provide data updates in 1Q23. If positive, both drugs could be evaluated in registrational studies to achieve accelerated FDA approval.
HC Wainwright projects Calithera to achieve risk-adjusted revenues of $111 million by 2030.
"Based on these projections, we believe CALA is undervalued at the current valuation of approximately $20 million," the analysts wrote.
Price Action: CALA shares are up 19.20% at $3.90 on the last check Monday.
Latest Ratings for CALA
Initiates Coverage On
HC Wainwright & Co.
See more from Benzinga
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.