Cowen Initiates Coverage On Molecular Partners With Price Target Of $50

Cowen & Co initiated coverage on Molecular Partners MOLN with an Outperform rating and a Price Target of $50, implying an upside potential of more than 150%.
The company and its partner Novartis AG NVS recently shared preclinical data showing that ensovibep retains full potency and viral inhibition against all known COVID-19 variants in circulation, including the key Delta variants.
It outlined progress on its global Phase 2/3 study in ambulatory COVID-19 patients.
Interim data from EMPATHY Phase 2/3 trial is expected in H2 2021, and complete topline data expected in early 2022.
The company started trading in the U.S market just a month back, wherein it sold 3 million shares at $21.25 each.
The stock is already trading on the Swiss exchange since 2014.
Price Action: MOLN shares are up 3.3% at $19.88 during the premarket session on the last check Tuesday.