Blog

Sep 01, 2023

Laidlaw starts Silo at buy, cites valuation and CNS drug candidates (NASDAQ:SILO)

Zerbor/iStock via Getty Images Laidlaw initiated coverage of central nervous system drug developer Silo Pharma (NASDAQ:SILO) with a buy rating, citing valuation and the prospects for two of its drug

Zerbor/iStock via Getty Images

Laidlaw initiated coverage of central nervous system drug developer Silo Pharma (NASDAQ:SILO) with a buy rating, citing valuation and the prospects for two of its drug candidates, SPC-15 and SP-26.

The investment bank said that Phase 1 studies for both drugs could begin in Q2 2024, with topline data available in Q4 2024 or early 2025. SPC-15 is an approved serotonin-4 5-HT4 receptor agonist that is being evaluated for the treatment of post-traumatic stress disorder, while SP-26 is a time-released formulation of ketamine being studied for the treatment of fibromyalgia.

Laidlaw said that while the company is still in the preclinical stage, it regards the shares as “undervalued at current levels.” It said it was recommending the stock for long-term investors with a higher risk tolerance.

The investment bank set their price target for the stock at $10.

Have a tip? Submit confidentially to our News team. Found a factual error? Report here.