Fundamental Research Corp. initiates coverage of Ocean Biomedical (OCEA) with “Buy” recommendation

Ocean Biomedical, Inc. (NASDAQ: OCEA) on Monday said that Fundamental Research Corp initiated analyst coverage of the stock with a “Buy” recommendation. The price target is $16.4.

“We are pleased to see the beginning of additional research converge on our core platform of oncology, fibrosis, and infectious diseases that have the potential to save thousands of lives,” said Dr. Chirinjeev Kathuria, co-founder and chairman of the company.

Innovative Model

The Providence, Rhode Island-based biopharmaceutical company collaborates with inventors, universities, and research institutes to commercialize discoveries for medical care. Its main assets are oncology, fibrosis, and infectious diseases, and it has a broad pipeline with various formulations in various stages of development.

Commenting on the coverage of the research, the director of Ocean Biomedical Suren Ajjarapu said, “We are grateful that Fundamental Research Corp. started the coverage and hope to continue the support of our investor base to solve some of the most challenging and deadly diseases of humanity.”

Update

The research coverage was initiated by EF Hutton who initiated coverage of the company earlier this month with a “Buy” recommendation. Last month, the scientific founder of Ocean Biomedical, Dr. Jonathan Kurtis, granted a new patent for his malaria-related invention, gave a boost to the company’s malaria vaccine program. Research has shown that a third parasite target called PfCDPK-5 has the potential to be used to inhibit the parasite at multiple stages in the malaria cycle.

Ocean Biomedical provides positive research data on anti-tumor pathways; stocks rise

Lately, the biotech space has witnessed consolidation. Recently, Seagen Inc., which follows a similar business model to Ocean Biomedical, agreed to be acquired by pharmaceutical giant Pfizer Inc. (NYSE: PFE) for $43 billion. Pfizer expects the purchase to help expand cancer treatments. Seagen is a biotechnology drug developer specializing in drug-antibody conjugate technology.