Aegis Capital has reiterated a ‘Buy’ rating and price target of $29 on shares of Achaogen’s (NASDAQ: AKAO) stock. The biopharmaceutical company recently reported financial results for the fourth quarter and year ended December 31, 2016, posting total Q4 contract revenue of $10.7 million, which was less than expected. Analysts cited the company’s uneventful fourth quarter in the report, but mentioned that milestones and catalysts are more important in evaluating clinical-stage development companies. Achaogen also recently released an update on its lead product candidate, Plazomicin, which has shown positive results in two phase 3 clinical trials. The company plans to submit an NDA to the FDA in the second half of 2017.
For more information visit www.achaogen.com
About Achaogen
Achaogen is a late-stage biopharmaceutical company passionately committed to the discovery, development, and commercialization of innovative antibacterials to treat MDR gram-negative infections. Achaogen is developing plazomicin, Achaogen’s lead product candidate, for the treatment of serious bacterial infections due to MDR Enterobacteriaceae, including carbapenem-resistant Enterobacteriaceae. Achaogen’s plazomicin program is funded in part with Federal funds from the Biomedical Advanced Research and Development Authority (BARDA), Office of the Assistant Secretary for Preparedness and Response, Office of the Secretary, Department of Health and Human Services, under Contract No. HHSO100201000046C. Plazomicin is the first clinical candidate from Achaogen’s gram-negative antibiotic discovery engine. The company has other programs in early and late preclinical stages focused on other MDR gram-negative infections, including an orally-available antibacterial candidate, C-Scape, a combination of an approved beta-lactam and an approved beta-lactamase inhibitor. Achaogen is also pursuing an advanced series of LpxC inhibitor compounds that are active against Pseudomonas aeruginosa, and have been funded in part with Federal funds from the National Institute of Allergy and Infectious Diseases (NIAID), National Institutes of Health, Department of Health and Human Services, under Contract No. HHSN272201500009C. All product candidates are investigational only and have not been approved for commercialization.
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