Please ensure Javascript is enabled for purposes of website accessibility

Daily Alert - 4/30/19

The shares of this pharmaceutical stock is seeing new analyst coverage.

The shares of this pharmaceutical stock is seeing new analyst coverage. In addition to Canto, Maxim Group also initiated coverage, with a ‘Buy’ rating.

Zosano Pharma Corporation (ZSAN)
From Schaeffer’s Investment Research

Zosano Pharma Corporation (ZSAN) shares are higher today, after analysts at Cantor Fitzgerald initiated coverage with an “outperform” rating and $12 price target—more than triple yesterday’s ZSAN close of $3.66. The brokerage firm last night waxed optimistic on Zosano’s ADAM technology and Qtrypta drug, the latter of which Cantor expects to be approved to treat acute migraine in 2020.

ZSAN stock was last seen 6.8% higher at $3.91, set to end back atop its 200-day moving average for the first time since an April 9 bear gap -- the result of a planned stock offering from Zosano. Still, the equity has quite a ways to go before closing that gap, not to mention getting back within striking distance of its Feb. 21 high of $6.65, which stemmed from encouraging Qtrypta data. The overhead $4-$4.40 area could give ZSAN some trouble, too, as this region capped the stock’s upside momentum in 2018.

wsbi-817-zsan.jpg

Even before Cantor weighed in, ZSAN was no stranger to upbeat analyst attention. The consensus 12-month price target of $13 represents a premium of more than 230% to the equity’s current price. Meanwhile, all three brokerage firms following the stock consider it a “buy” or better. However, another round of upbeat analyst initiations could help ZSAN fill the aforementioned bear gap.

Bernie Schaeffer, Schaeffer’s Investment Research, http://www.SchaeffersResearch.com, 800-327-8833, April 23, 2019