Ocean Biomedical, Inc. (NASDAQ: OCEA) on Wednesday shared collective analyst research coverage from three firms, with current Buy recommendations and share price targets currently averaging $18.21. Ocean Biomedical is a biopharmaceutical company that partners with scientists, research universities, and medical centers for developing and commercializing their discoveries.
In 2022, EF Hutton initiated coverage of Ocean Biomedical with a share price target of $10 and then raised it to $17 this year. Fundamental Research Corporation initiated coverage with a price target of $16.40 and then raised the target to $17.63 in advance of the company’s addition to the Russell 2000 Index in June. On June 1, Taglich Brothers initiated coverage with a price target of $20.
Dr. Chirinjeev Kathuria, co-founder and executive chairman of Ocean Biomedical said, “We are pleased to see our cumulative efforts and growing strengths recognized by the analysts covering our stock, and the stockholders who have invested in us, especially the diverse potential of our core cancer, malaria, and fibrosis programs.”
The company’s strengths highlighted by the research firms in their coverage include its IP and patents for a diversified pipeline of late-stage pre-clinical assets in cancer, malaria, and fibrosis; experimental results showing promise in multiple cancers including lung cancer and glioblastoma; and novel discoveries in malaria prevention and treatment, with a breakthrough vaccine candidate being advanced and the potential for a whole new class of anti-malarial drugs.
Another strength emphasized by the firms in their coverage is the committed financial backing, including previously disclosed funding facilities with White Lion Capital LLC and Alto Opportunity Master Fund, SPC – Segregated Master Portfolio B, which, subject to conditions and restrictions, could provide up to $100 million.
“We appreciate the close attention analysts have given to our asset portfolio,” commented Ocean Biomedical’s CFO Gurinder Kalra.
Ocean Biomedical is all set to host a Research and Development Day on September 14, featuring a live Q&A with its scientific co-founders Dr. Jack A. Elias and Dr. Jonathan Kurtis, who will provide additional insights into their research and development work.
“Our team of experienced biopharma executives and top-tier scientists continue their efforts to realize the potential of these important discoveries and move our research programs towards clinical trials as efficiently as possible,” said Elizabeth Ng, the company’s CEO.
Currently, Ocean Biomedical is working to develop promising discoveries that have the potential to achieve life-changing outcomes in lung cancer, brain cancer, pulmonary fibrosis, and the prevention and treatment of malaria.