Atyr Pharma (NASDAQ:LIFE) stock is taking off on Tuesday after getting a price target update from Roth Capital analyst Zegbeh Jallah.
Jallah increases his price target for LIFE stock from $15 per share to $20 per share. The previous price target was already above the analyst consensus of $13.67 per share. Now, this new price target represents a potential 311.5% upside for the stock over its closing price on Monday.
Based on that price target for LIFE stock, it should come as no surprise that the Roth Capital analyst maintains a buy rating for the stock. It’s worth noting that this matches the consensus rating for LIFE stock with three buy ratings.
So why exactly is Jallah so bullish on LIFE stock? It all comes down to recent results from a clinical trial. The analyst notes that the company’s lead drug, ATYR1923, was effective at reducing the effects of the novel coronavirus, reports TheFly.com.
Atyr Pharma is a biotherapeutics company focused on “the extracellular functionality and signaling pathways of tRNA synthetases.” The company was founded in 2005 and operates out of its San Diego, Calif., headquarters.
LIFE stock is seeing heavy trading today following the analyst update. As of this writing, more than 13 million shares of the stock have changed hands. To put that in perspective, the stock’s daily average trading volume is just below 1 million shares.
LIFE stock was up 12.8% as of Tuesday afternoon and is up 37.2% since the start of the year.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
