TD Cowen upgrades Lakefront Biotherapeutics stock rating to buy
TD Cowen has upgraded Lakefront Biotherapeutics (LKFT) stock rating to a buy following Gilead and Lakefront's acquisition of Ouro Medicines. Analyst Phil Nadeau reinitiated the buy rating, expressing optimism about the company's potential to generate shareholder value as they develop BCMAxCD3 TCE gamgertamig or explore additional business development opportunities.
The company's strong financial position is evident in its current ratio of 32.84 and a higher cash balance than debt. Despite being profitable in the last year with earnings of $10.30 per share, analysts predict a loss of $0.83 per share for the current year, driven by rising development costs. Lakefront Biotherapeutics is currently trading at a negative enterprise value.
The company has also announced the resignation of Dr. Paulo Fontoura from its Board of Directors, who will be succeeded by a new appointee at the earliest opportunity. Morgan Stanley has resumed coverage on the company with an Equalweight rating and a $30.00 price target.
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