NanoViricides (NYSE-A:NNVC) has earned a ‘Buy’ rating and a $6.50 price target from EF Hutton analysts after the company released positive safety results from its Phase 1a/1b clinical study involving its lead asset NV-387.
Shares of NanoViricides (NYSE-A:NNVC) traded hands at about US$1.12 on Tuesday afternoon.
The company revealed earlier this week that during the study, no subjects experienced any adverse events and NV-387 demonstrated early signs of effectiveness against various respiratory viruses.
“We like that the human data is consistent with animal studies and that the trial had a good sample size of patients beyond solely senior citizens over the age of 65,” the EF Hutton analysts wrote in a note to clients.
The company is currently carrying out Phase 1a/1b human clinical trials of NV-387 for COVID-19 in India with the analysts expecting the company to begin a Phase 2 study in August once the efficacy data is known and a second site has been approved by the Indian government.
“Its antiviral agent (NV-387) has potential to reach well beyond COVID-19 treatment and future outbreaks of coronaviruses as a potential competitor of the FDA-approved Remdesivir,” the analysts noted.
They believe NanoViricides (NYSE-A:NNVC)’ technology has significant revenue-generating potential in more than a dozen other diseases or illnesses.
“While we remain constructive on some possible revenues from a US commercialization or milestone payments tied to NV-387 anti-viral solution for COVID-19 lifesaving treatment possible approval, but focus more on NanoViricides (NYSE-A:NNVC)’ other drug development programs,” they wrote.
“We expect that initial potential revenues could be from milestone payments beginning in 2026 from other indications such as Smallpox, Mpox, Herpes, RSV, Shingles and several other non-coronavirus viruses or diseases.”