Third Harmonic Bio, Inc. (THRD – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Sam Slutsky from LifeSci Capital maintained a Buy rating on the stock and has a $5.50 price target.
Discover the Best Stocks and Maximize Your Portfolio:
- See what stocks are receiving strong buy ratings from top-rated analysts.
- Filter, analyze, and streamline your search for investment opportunities with TipRanks’ Stock Screener.
Sam Slutsky has given his Buy rating due to a combination of factors that suggest potential upside despite recent challenges. The recent Phase 1 trial data for THB335, Third Harmonic Bio’s follow-on oral KIT inhibitor, showed promising serum tryptase reduction, achieving a mean reduction of 84% at the highest dose, which indicates potential efficacy in the targeted pathway. Although there were concerns regarding safety, particularly related to hemoglobin levels and transient liver enzyme elevations at the 164 mg dose, these issues are believed to be unrelated to the treatment.
Despite these concerns, the management’s proactive approach in addressing the safety profile and the confirmation that the clinical metabolic profile of THB335 lacks reactive intermediates provide reassurance. The company’s strategic evaluation of alternatives and the potential for improvement in subsequent trials also contribute to the optimism surrounding the stock. Slutsky’s evaluation considers the broader context of the drug’s development and the potential for Third Harmonic Bio to overcome these initial hurdles, presenting an opportunity for investors willing to assume some risk for future gains.
In another report released on January 30, Morgan Stanley also maintained a Buy rating on the stock with a $20.00 price target.