UPDATE: H.C. Wainwright & Co. Initiates Coverage on Prana Biotechnology Ahead of Results Announcement

In a report published Tuesday, H.C. Wainwright & Co. analyst George B. Zavoico initiated coverage on Prana Biotechnology (NASDAQ: PRAN) with a Buy rating and $20.50 price target.

In the report, H.C. Wainwright & Co. noted, “We are initiating coverage of Prana Biotechnology Ltd. with a BUY recommendation and a $20.50 one-year price target. In our view, two ongoing randomized, double-blind Phase IIa trials of Prana's lead drug candidate, PBT2, in Huntington's and Alzheimer's diseases (HD and AD, respectively) are likely to deliver favorable results soon. We note that Prana was granted a trading halt on the Australian Securities Exchange yesterday (Feb. 17) due to a pending announcement of top line results of its HD trial, called Reach2HD. The results are likely to be announced today or tomorrow. Prana guided to announcing top line results of the AD trial, called IMAGINE, in mid-March.”

Prana Biotechnology closed on Friday at $7.25.