Arcturus Therapeutics Holdings Inc (NASDAQ:ARCT) shares are trading higher Wednesday after the company reported strong fourth-quarter results and provided an update on pipeline progress. Guggenheim reiterated a price target nearly 100% higher than current levels following the print.
Q4 Results: Arcturus reported fourth-quarter revenue of $160.29 million, which beat average analyst estimates of $72.68 million, according to Benzinga Pro. The company reported quarterly earnings of $4.33 per share, which beat estimates of 98 cents per share.
“Arcturus has continued to make remarkable operational and pipeline progress. This was recently exemplified by the completion of the initial objectives with our partnered COVID-19 and Flu vaccine programs with CSL,” said Joseph Payne, president and CEO of Arcturus Therapeutics.
“We are also pleased to report the completion of full enrollment ahead of schedule in the Phase 3 study being conducted by Meiji Pharma to evaluate ARCT-154 as a booster vaccine for COVID-19.”
In the first four months of the company’s collaboration with CSL the company triggered $90 million in milestone payments. Arcturus said it eliminated debt during the quarter resulting in an extended cash runway out to 2026.
Following the company’s quarterly results, Guggenheim analyst Seamus Fernandez reiterated Arcturus with a Buy rating and a $36 price target. HC Wainwright & Co. analyst Ed Arce reiterated Arcturus shares with a Neutral rating and a $19 price target.
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ARCT Price Action: Arcturus has a 52-week high of $31.39 and a 52-week low of $11.70.
The stock was up 19.9% at $18.59 at the time of writing, according to Benzinga Pro.
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