Analysts at Oppenheimer initiated coverage on Bio Blast Pharma Ltd (ORPN) with a ‘Outperform’ rating and a $32 price target in a research report issued to clients on Monday. The firm said it believes the Israeli-based orphan disease company has a persuasive and diverse pipeline that targets ultra-rare genetic disorders with the potential to address unmet medical needs for incurable diseases. Oppenheimer‘s target price suggests a potential upside of about 317% from the company’s previous close.
Bio Blast Pharma shares recently traded at $7.68, up 1.19%. The stock, which opened for trading at $10.90/share after the company priced 3,200,000 ordinary shares at $11.00/share on July 31st, has a one month range of $6.61 to $11.00.
The chart below shows where the equity has traded over the last several weeks.
Last week, Bio Blast announced that it had received a notice of allowance from the United States Patent and Trademark Office (USPTO) on a composition-of-matter patent for its novel fusion protein for *Friedrich’s Ataxia (*an inherited disorder characterized by progressive deterioration of the muscular and nervous system that begins) that is built on its mitochondrial protein replacement (mPRT) platform. The Company’s breakthrough platform technology has produced drug candidates that have demonstrated efficacy in several mitochondrial protein deficiencies in cell and animal models.
BioBlast Pharma is a clinical-stage biotechnology company committed to developing clinically meaningful therapies for patients with rare genetic diseases. The firm was founded in 2012 and is headquartered in Tel Aviv.