Buy Rating Affirmed: Clearside Biomedical’s Promising Phase 2b Odyssey Trial and Strategic CMO Hire Signal Strong Outlook

Analyst Serge Belanger of Needham maintained a Buy rating on Clearside Biomedical (CLSD – Research Report), retaining the price target of $4.00.

Serge Belanger has given his Buy rating due to a combination of factors surrounding Clearside Biomedical’s promising developments. The company’s focused efforts on the Phase 2b Odyssey trial are particularly significant, evaluating CLS-AX as a potential maintenance treatment for wAMD, a condition affecting the eyes. Belanger anticipates that the positive results previously seen in early-phase studies and the successful outcomes of other similar treatments in wAMD trials bolster the likelihood of a positive outcome in the ongoing study. The trial’s completion of patient enrollment and the expected readout of its primary endpoint later in the year further contribute to this optimistic outlook.
Additionally, the strategic hire of a new Chief Medical Officer, Victor Chong, with a reputable background from Johnson & Johnson, reinforces the company’s commitment to advancing its clinical programs. Clearside Biomedical’s solid financial position, with sufficient cash to fund operations past the critical trial readout and into the following year, positions the company advantageously for potential success. These factors collectively underpin Belanger’s Buy rating and his confidence in the stock’s performance ahead of the anticipated trial data release.

In another report released today, JMP Securities also reiterated a Buy rating on the stock with a $5.00 price target.

Based on the recent corporate insider activity of 10 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CLSD in relation to earlier this year.

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Clearside Biomedical (CLSD) Company Description:

Clearside Biomedical, Inc. is a clinical stage biopharmaceutical company, which engages in the development of drug therapies to treat blinding diseases of the eye. Its pipeline includes Suprachoroidal CLS-TA, Suprachoroidal, Suprachoroidal CLS-TA, and gene therapy. The company was founded by Samir Kumar Patel, Vladimir Zarnitsyn, Mark Prausnitz, Daniel H. White, and Henry F. Edelhauser in May 2011 and is headquartered in Alpharetta, GA.