Roth Capital health care analyst, Michael Higgins, has shed some light regarding the feasibility and potential short and mid-term prospects of Mast Therapeutics ( NYSEMKT:MSTX ). In his profile of the company, he related his investor meeting with Dr. Richard Drachtman. Dr. Drachtman is with the Rutgers Cancer Institute of New Jersey based in Newark, New Jersey. He has been treating around 450 patients who have sickle cell anemia.
As stated in the report by Mr. Higgins, Dr. Drachtman said that the rate of increase among his sickle cell patients on HU has been going up quite steadily over the few years. The current percentage now is around 70%. This is quite an encouraging enrolment rate because in the 4th annual sickle cell conference hosted by Mast Therapeutics, another physician, Dr. Julie Kanter-Washko with the University of South Carolina stated that around 50% of her sickle cell patients were on HU. This is up from the 30% figure that she supplied last year.
According to Higgins, while Dr. Drachtman’s statements and comments regarding Mast Technology’s EPIC trial were generalized and anecdotal, Higgins states that in his view, Drachtman’s comments were supportive of EPIC’s outcome. Higgins has reiterated his rating for Mast Therapeutics’ stock of “buy”. His target price is $3. Considering Mast Therapeutics’ recent posting price, this represents a pretty massive upside potential of over 500%. Whether it meets this target depends partly on how well the biotech sector of NASDAQ fares overall. Recently, the sector has been experiencing a correction.