Capricor rises after promising 24-month data on Duchenne drug
CAPR•Capricor shares rose 12.8% after B. Riley Securities said 24-month open-label extension data for its Duchenne drug deramiocel were in line with or better than expectations. The brokerage maintained its buy rating and $21 price target ahead of the FDA’s November 22 target action date.
1. Trial data supports case
B. Riley Securities said the 24-month open-label extension data from Capricor’s trial, presented at the World Muscle Society Congress in Hiroshima, was in line with or better than its expectations and added support for approval of deramiocel for Duchenne muscular dystrophy. The brokerage said the data strengthened the case for approval based on upper-limb function and maintained its buy rating and $21 price target.
2. FDA review timeline
The FDA extended its review by three months in August after accepting additional 24-month data as a major amendment to Capricor’s application. The agency’s target action date is November 22.
