Maxim halves Quantum Genomics PT to €6
Maxim Group slashed its price target for Quantum Genomics (Euronext Growth - FR0011648971 - ALQGC) to €6 from €12, citing the company's data through mid-2019. The stock closed at €2.75 on Feb. 14.
Analyst Jason Kolbert writes that Quantum's valuation is currently at the low end of the 52-week range due to a lack of catalysts in the second half of 2017. He sees the "data trough" continuing in 2018 as the company has just recently initiated its Phase 2 study, with 250 patients, of QGC001 and does not expect data until mid-2019.
"The hypertension study is the lead program for Quantum and as such remains the driver of the company," he added. "We expect data from the 75-patient study in heart failure in the first half of 2018 and we see this as an incremental catalyst."