Analysts are overwhelmingly bullish on the cancer name
Mizuho initiated coverage on Neon Therapeutics Inc (NASDAQ:NTGN) with a "buy" rating and $21 price target -- a 333% premium to last night's close. The brokerage firm said NTGN's low share price is a result of confusion around neoantigens science, which studies a new cancer therapy.
LifeSci Capital also chimed in, saying the cancer researcher's Phase I neoantigen vaccine study could be "best-in-class," should results of the trial remain consistent. This follows positive data for Neon Therapeutics' peer Genocea Biosciences, which sent its stock gapping higher on Monday.
Analysts are already overwhelmingly bullish on NTGN stock, with 100% of those in coverage maintaining a "buy" or better rating. Plus, the average 12-month price target sits all the way up at $19.13.
Looking closer at the charts, Neon Therapeutics has been in a channel of lower highs and lows since its mid-April peak at $7.51, under pressure from its 20-day moving average. While the shares have recovered since their late-May low at $4.50, they are struggling to break out above their 10-day moving average and year-to-date breakeven mark at $5.03, last seen up 4.3% at $5.06.
