Analysts at Noble Capital Markets reiterated an Outperform rating and an $11 price target for Dyadic International Inc (NASDAQ:DYAI), citing a belief in the company’s proprietary C1 enzyme production platform in a recent analyst note.
“We continue to believe in C1 technology's potential in biologics manufacturing, which has been further validated by the recent expansion of ongoing research collaborations,” Noble wrote. “We think various partnerships and collaborations, in addition to in-house efforts, will continue to generate data proving C1 expression system's value in the biologics market, which is expected to reach over $300 billion by 2022.”
The analysts were impressed with Dyadic’s collaboration efforts. The Jupiter, Florida-based company recently expanded its work with the Zoonoses Anticipation and Preparedness Initiative (ZAPI), a disease response organization, to express a pair of additional proteins based on preliminary results from earlier animal studies.
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In addition, Noble noted, Dyadic entered a collaboration with a Top 10 pharmaceutical company, which expanded its portfolio to six proof of concept research collaborations, and reached a deal with an affiliate of a Top 25 company to further evaluate its C1 technology.
Ultimately, Noble decided to maintain the optimistic price target it set in November.
“In our view, the current stock price does not reflect the value of Dyadic's portfolio,” analysts wrote. “We believe Dyadic's stock price is poised to move higher upon additional data and collaborations in 2020. We are reiterating our Outperform rating and $11 price target.”
Shares of Dyadic traded at $5.15 on Wednesday.
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