Maxim starts Bellerophon Therapeutics at buy; PT $3
Maxim Group initiated coverage of Bellerophon Therapeutics (NASDAQ:BLPH) with a “buy” rating and $3 price target. The stock closed at 67 cents on Jan. 23.
Bellerophon’s lead product is the INOpulse delivery system of inhaled nitric oxide (iNO) for outpatient management of pulmonary hypertension (PH) in chronic pulmonary diseases.
“With no FDA-approved treatment options for pulmonary hypertension associated with interstitial lung disease (PH-ILD), PH-COPD and PH-Sarcoidosis, we view INOpulse’s mechanism as differentiated and positioned to potentially address unmet medical needs in the PH space,” writes Caroline Palomeque.
She said recent data from cohort 1 patients in a Phase 2b trial in PH-ILD were positive; cohorts 2 and 3 are receiving higher doses of iNO. The company plans to start a Phase 2 study in PH-Sarcoidosis in the first quarter of 2019 and is planning a Phase 2b trial in PH-COPD.
“Of note in cohort 1, this is the first time (to our knowledge) in a placebo-controlled study that there has been a [statistically significant] benefit,” she added.