BTIG Research Reaffirms Buy Rating for Innate Pharma (NASDAQ:IPHA)

Key Points

• BTIG Research reaffirmed its Buy rating on Innate Pharma and maintained a $9.00 price target, implying 382.57% upside from the previous close.
• Analyst sentiment is broadly positive: five analysts rate the stock Buy and one rates it Sell, producing a consensus rating of Moderate Buy and an average price target of $6.67.
• Innate Pharma shares closed at $1.86 after declining $0.14. The company reported a quarterly loss of $0.12 per share, better than the expected $0.29 loss, but revenue of $3.23 million fell short of the $6.35 million estimate.

Innate Pharma (NASDAQ:IPHA - Get Free Report)'s stock had its "buy" rating restated by equities researchers at BTIG Research in a note issued to investors on Thursday, Benzinga reports. They presently have a $9.00 price objective on the stock. BTIG Research's price target would suggest a potential upside of 382.57% from the company's previous close.

A number of other brokerages have also issued reports on IPHA. Weiss Ratings raised Innate Pharma from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday, June 26th. Citigroup upgraded shares of Innate Pharma from a "buy" rating to an "outperform" rating in a research report on Tuesday, August 11th. UBS Group reiterated a "buy" rating on shares of Innate Pharma in a report on Tuesday, August 11th. HC Wainwright raised their target price on shares of Innate Pharma from $5.00 to $7.00 and gave the stock a "buy" rating in a report on Monday, August 10th. Finally, Leerink Partners raised Innate Pharma from a "market perform" rating to an "outperform" rating and set a $4.00 target price for the company in a report on Tuesday, August 11th. Five equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Innate Pharma has an average rating of "Moderate Buy" and an average target price of $6.67.

Innate Pharma Stock Performance

IPHA traded down $0.14 on Thursday, reaching $1.86. The company had a trading volume of 149,515 shares, compared to its average volume of 84,593. The company has a fifty day moving average of $1.97 and a 200-day moving average of $1.74. Innate Pharma has a one year low of $1.17 and a one year high of $2.71.

Innate Pharma (NASDAQ:IPHA - Get Free Report) last issued its quarterly earnings results on Wednesday, September 16th. The company reported ($0.12) earnings per share for the quarter, topping analysts' consensus estimates of ($0.29) by $0.17. The company had revenue of $3.23 million during the quarter, compared to analyst estimates of $6.35 million. On average, sell-side analysts anticipate that Innate Pharma will post -0.79 earnings per share for the current fiscal year.

About Innate Pharma

Innate Pharma SA is a biotechnology company headquartered in Marseille, France, focused on developing immunotherapies for cancer. Founded in 1999, the company uses its expertise in the biology of natural killer cells and other components of the innate immune system to develop antibody-based treatments designed to help the immune system recognize and attack cancer cells.

Innate Pharma's pipeline includes lacutamab, an investigational antibody targeting KIR3DL2 for certain forms of cutaneous T-cell lymphoma and other T-cell malignancies.

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