- 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.
- Related: Angion's ANG-3777 Faces Third Failure In 2021, This Time Flunks Acute Kidney Injury Trial.
- HC Wainwright expects topline data from the Phase 2 trial of ANG-3070 in patients with primary proteinuric kidney diseases during 2H of 2022.
- It expects IND submission for ANG-3070 in patients with idiopathic pulmonary fibrosis by the end of 2022.
- The analyst expects FY22 EPS of $(1.64) vs. the previous $2.13 reflecting lower projected operational expenses on discontinuation of ANG-3777.
- Last December, CSL agreed to acquire Angion's partner Vifor Pharma in a deal worth $11.7 billion.
- "We now anticipate that Vifor, as a CSL subsidiary, shall likely formally discontinue its partnership with Angion on ANG-3777 once the close-out of data analyses from the clinical studies of the compound has been completed" writes HC Wainwright.
- Price Action: ANGN shares are up 1.16% at $1.75 during the market session on the last check Monday.
