Matinas Biopharma Initiated With an Overweight at Piper Sandler

Piper Sandler analyst Edward Tenthoff initiated coverage of Matinas BioPharma (MTNB) with an Overweight rating and $3 price target. The stock closed Friday down 4c to $1.47.

Matinas is developing MAT9001, a prescription omega-3 fish oil for severe hypertriglyceridemia, Tenthoff tells investors in a research note.

Based on positive REDUCE-IT outcomes data, the FDA recently expanded the label of Amarin's (AMRN) Vascepa to include cardiovascular disease patients with high triglycerides of greater than 150 mg/dL, the analyst points out.

Cardiovascular disease. He notes that in 2015, Matinas reported data from a Phase I study showing MAT9001 to have superior triglyceride lowering of 33% versus 11% with Vascepa.

Matinas, which is now conducting the Phase II ENHANCE-IT study of MAT9001 versus Vascepa with data in Q4 of this year, could begin a single Phase III severe hypertriglyceridemia trial in 2021 with potential approval in 2023, contends Tenthoff. The analyst sees growing importance of omega-3 fish oils.

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