Analyst Roy Buchanan of JMP Securities reiterated a Buy rating on AN2 Therapeutics, Inc. (ANTX – Research Report), retaining the price target of $5.00.
Roy Buchanan has given his Buy rating due to a combination of factors surrounding AN2 Therapeutics, Inc. The company’s strong Phase 2 results and validation from Arikayce have set high expectations for a positive outcome in the upcoming second quarter. AN2 Therapeutics has submitted a plan to the FDA to use the Quality of Life – Bronchiectasis (QOL-B) patient-reported outcome as the primary efficacy endpoint for their ongoing Phase 3 trial, which has enrolled 97 subjects with refractory pulmonary MAC NTM disease.
Furthermore, the management’s intention to align with the FDA on a primary endpoint for the development of epetraborole in refractory MAC NTM, either before or after unblinding the Phase 3 results, adds to the positive outlook. With the company’s shares trading below pro-forma cash, a meaningful patient-reported outcome response in the Phase 3 results could significantly boost the stock in the second quarter. These factors collectively underpin Buchanan’s optimistic Buy rating for AN2 Therapeutics.