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Canaccord Genuity has initiated coverage on Arcturus Therapeutics Holdings Inc (NASDAQ:ARCT), a player in the genetic medicine space.
Analysts Whitney Ijem and Joohwan Kim note that the company has developed proprietary and differentiated LNP delivery tech (LUNAR) and novel mRNA cargos (UNA, saRNA), allowing for options based on the application; hence, Arcturus has a pipeline of medicines across a range of indications.
Canaccord Genuity is particularly excited about ARCT-032, the company's inhaled mRNA therapeutic candidate for cystic fibrosis (CF).
Amidst the whirlwind of activities surrounding Arcturus, ARCT-032 seems to have operated quietly, progressing through Phase 1 and now administering doses to CF patients in Phase 1b.
Initial interim data is expected in the first half of 2024. A positive outcome would swiftly recalibrate the valuation of this program, given its prominence, significant unmet needs, and deep understanding of the disease.
The analyst initiates with a Buy and a price target of $81, an upside of over 200%.
The company is progressing with another rare disease program, ARCT-810, to treat ornithine transcarbamylase (OTC) deficiency. It is presently in the process of enrolling participants for a Phase 2 trial, and preliminary data is anticipated to be available next year.
Most recently, CSL Ltd (OTC:CSLLY) and Arcturus announced that Japan's Ministry of Health, Labor and Welfare approved ARCT-154, a self-amplifying mRNA COVID-19 vaccine for initial vaccination and booster for adults 18 years and older.
Canaccord notes that while it may not captivate those accustomed to delving into rare diseases or genetic medicine, the narrative presented holds substantial strength, paralleled by robust economic considerations.
Price Action: ARCT shares are up 4.07% at $24.29 on the last check Wednesday.
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