Maxim upgrades CNS Pharmaceuticals to Buy after equity raise

Maxim upgraded CNS Pharmaceuticals to Buy from Hold with a 50c price target. The firm’s prior rating was predicated on the company being “capital-constrained”, but with its latest at-the-market equity raise, CNS should have sufficient liquidity runway into the first half of 2025, the analyst tells investors in a research note. The cash runway is key as the long-awaited Phase 2 study for Berubicin in 2nd-line glioblastoma is expected to report top-line data in Q1, the firm added. CNS has also recently acquired a new asset, TPI-287, a chemotherapy in the taxane class that, like Berubicin, can cross into brain by avoiding drug transporters that drive resistance, Maxim stated.