Benzinga | Jul 13, 2021 06:56AM EDT

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

* Cowen & Co initiated coverage on Molecular Partners (NASDAQ: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 (NYSE: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.