Shares of Clearside Biomedical(CLSD) jumped on Thursday after analysts at Wedbush tripled their price target for the company following positive data from the early stage eye treatment study.
Wedbush analyst Liana Moussatos rates the stock outperform and tripled her price target to $18 a share.
"We find these initial results encouraging by first establishing a clear foundation of safety," Moussatos said.
Shares of Clearside Biomedical at last check jumped 36% to $5.53. The shares on Thursday have traded at a 52-week high $5.66, up 39%. And they've bounced off a 52-week low $1.25, touched at the end of October.
Clearside shares have been volatile, falling as low as $2.24 per share in late March. But since the calendar flipped to June, the stock as jumped more than 50%, including Thursday's jump.
Earlier this week the company reported progress in a clinical trial of CLS-AX, a drug for pretreated wet age-related macular degeneration.
Clearside said the initial lowest planned dose of 0.03 mg CLS-AX was well tolerated with no serious adverse events and no drug-related treatment-emergent adverse events observed throughout the study.
The company said the improvements were reflected in the BCVA score, or best corrected visual acuity, with five of six patients each gaining four or more letters.
Earlier this week the results prompted an analyst to call the treatment "a game changer." Roth Capital analyst Zegbeh Jallah reiterated a buy rating and $9 price target on Clearside after the company reported data from the study.
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