Source: INVESTOR PLACE
This article was originally published on INVESTOR PLACE – https://investorplace.com
Clearside Biomedical (CLSD) develops first-in-class drug therapies to treat blinding eye diseases. The stock is already up by a massive 80% year-to-date. Shares surged from just above $6 at the end of February to over $14 at the beginning of March. The catalyst: positive results in a late-stage trial to improve vision in patients with back of the eye swelling – otherwise known as macular edema.
The company revealed that 47% of patients administered the suprachoroidal CLS-TA treatment, could see at least 15 letters, compared to just 16% for patients with the placebo. CLSD now plans to file a marketing application with the FDA in Q4.
But don’t worry it’s not too late to profit from the stock’s meteoric rise. Top Wedbush analyst Liana Moussatos has just ramped up her price target to $29 on the news. This indicates further upside potential of 137%. She believes the results further validate CLSD’s micro-injection technology.
Moussatos commented, “In addition to several positive Phase 2 trials in ME-NIU, ME-RVO and DME, the PEACHTREE trial results represent the first clinical success at the Phase 3 level. Vision gain from suprachoroidal CLS-TA was observed as early as 30 days and maintained throughout the 6-month study. Due to the strength of the Phase 3 results, we consider clinical risk for the pipeline to be reduced.”
Overall, CLSD boasts six back-to-back buy ratings. Analysts (on average) see the stock soaring 80% to hit $22.80 in the coming months.