On Monday, H.C. Wainwright adjusted its outlook on iTeos Therapeutics (NASDAQ:ITOS), raising the price target to $46.00 from the previous $44.00, while reaffirming a Buy rating on the stock. The adjustment follows the company's latest financial disclosure.
iTeos Therapeutics reported its first-quarter financials for 2024 on May 10, revealing a net loss of $1.07 per share, which was slightly higher than the anticipated net loss of $0.98 per share by consensus estimates. The company's reported revenue was consistent with expectations, with no revenues being generated for the quarter.
The firm's analyst has updated the financial model for iTeos to mirror the recent financial results. Looking ahead to the full year of 2024, the analyst predicts that the company will continue to see no revenues and anticipates a net loss of $4.70 per share.
The decision to maintain a Buy rating and increase the price target for iTeos Therapeutics comes after considering the company's recent cash infusion. This capital boost is seen as a positive development that supports the raised valuation for the company's shares over the next 12 months.
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