US Investment bank repeats ‘buy’ and US$8 price target on Tiziana Life Sciences

Investment bank has restated its ‘buy’ advice and US$8 price target for shares in () () after a flurry of positive news.

It said safety data on key drug Foralumab, signs of its efficacy in COVID-19 patients and its clearance for its use in a patient with MS provided “incremental validation” of the monoclonal antibody (mAb) treatment.

READ: Zacks Small-Cap Research repeats its valuation on Tiziana Life Sciences as company starts nasally administered Foralumab trial for SPMS

“[The] totality of data positions nasal and oral foralumab as a disruptive competitor in difficult to treat autoimmune diseases,” said analyst Mayank Mamtani in a note to clients.

On Thursday, reiterated its US$7.50 valuation of the stock – more than triple the current US$2.40 share price.

Analysts at the research house said they were watching teplizumab, which, like Foralumab, is an anti-CD3 mAb. It has been indicated in Type 1 diabetes and has a target action date of July 2, 2021.

“An approval could establish a positive precedent for the drug class,” Zacks said in a note.

Other Foralumab trials are planned, it added.

“Tiziana expects to start a progressive multiple sclerosis (pMS) programme and will evaluate Crohn’s Disease, both in a Phase II study in coming quarters. A Phase II study for moderate to severe COVID-19 patients is scheduled to launch this year.”

On May 25, Tiziana said it had begun treating a patient with secondary progressive multiple sclerosis (SPMS) using nasally administered Foralumab.

The drug will be provided under the Food & Drug Administration’s (FDA) individual patient expanded access protocol overseen by researchers at the Brigham and Women’s Hospital (BWH), Harvard. It is first time a nasally administered antibody has been given to a patient with SPMS.

Tiziana Life Sciences is advancing three candidates for a variety of indications in autoimmune disease, cancer and COVID-19.