HC Wainwright has removed Angion Biomedica Corp’s (NASDAQ:ANGN) former lead candidate, ANG-3777, in acute kidney injury (AKI), from its valuation assessment. The analyst has reduced the price target from $50 to $32, with a Buy rating.
In the Q4 earnings release, the Company decided to discontinue the development of ANG-3777 after disappointing data.
The analyst believes that the Company is better positioned than the market appears to think, particularly in light of the Company’s currently negative enterprise value of $(32.56) million, as per Benzinga Pro.
It possesses an extensive pipeline of assets beyond ANG-3777, which the market does not appear to be taking into consideration, analysts note.
Editor has purchased shares in this company.