Akari Therapeutics PLC (ADR) (NASDAQ:AKTX) is having an overwhelmingly strong morning in the market this morning, and for good reason. The company is soaring on positive analyst coverage that excited investors. As is almost always the case, our partners at Trade Ideas were the first to inform us of the upward movement. At the moment (10:15), AKTX is trading at $15.93 per share after a gain of $4.23 per share (36.16%) thus far today.
William Blair Initiates Coverage On AKTX
As mentioned above, Akari Therapeutics is having an incredible day in the market today after William Blair initiated coverage on the stock. The initiation came with an Outperform rating. In this case, analyst Tim Lugo sees Coversin as a high-value proposition. In particular, Lugo sees the treatment as a go-to option for those who did not respond well to Solaris. Here’s what he had to say in a statement about AKTX:
“With C5 inhibition being a validated method of treatment in the rare life-threatening rare diseases of paroxysmal nocturnal hemoglobinuria (PNH) and atypical hemolytic uremic syndrome (aHUS), we see the upcoming Phase II data set as a major value-creating event for the company and are launching coverage with an Outperform rating. With similar stage peer group companies trading at enterprise values of several-fold higher than Akari, if the company is indeed the next entrant to the complement market, we project a significant revenue opportunity given the size of the complement market and the differentiated subcutaneous administration of Coversin versus the current standard of care.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on AKTX. In particular, we’re interested in the company’s ongoing work with Coversin. We’ll continue to follow the story closely and bring the news to you as it breaks!
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