HCW ups Fibrocell price target to $7.60


H.C. Wainwright raised its price target for Fibrocell Science (NASDAQ:FCSC) to $7.60 from $5.70 after the company announced first efficacy data from a single injection of FCX-007 in patients with recessive dystrophic epidermolysis bullosa, a congenital and progressive orphan skin disease caused by the deficiency of the protein type VII collagen.
Shares of Fibrocell were quoted at $3.18, down 20 cents, in afternoon trading on Sept. 26. 

Analyst Joseph Pantginis writes that he believes the pharmacology data are powerful as “they point to FCX-007 doing what it is supposed to do in a very dynamic in vivo setting.”

As part of the initial analyses, the company noted that anchoring fibrils have not been detected. 

Mr. Pantginis said a few factors could contribute to this observation, including the possible need for repeat dosing; not observing them does not mean they aren't there; and the FCX-007 cells could still be maturing. 

The company currently does not have data how long this process should take in humans, he added. As the study progresses, the company is also working on the precision of sampling in the in vivo setting. 

“The key upcoming event, in our belief, should be an anticipated meeting with the FDA to discuss next steps for the study,” Mr. Pantginis said. “Management is looking to ensure that the efficacy and safety database is clean prior to sending the package to the FDA in order to seek permission to start enrolling pediatric patients as well.”