Shares of Arcturus Therapeutics (NASDAQ: ARCT) were skyrocketing 40.9% higher as of 3:10 p.m. EST on Thursday. The huge gain came after Wells Fargo analyst Jim Birchenough initiated coverage on the stock with an overweight rating. He also set a $118 price target — a premium of 139% to Arcturus’ closing price on Wednesday.
Arcturus’ shares plunged in December after the company announced updated results from a phase 2 study of COVID-19 vaccine candidate ARCT-021 that disappointed investors. So why is Birchenough so bullish about the biotech stock?