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Noble Research repeats Outperform rating and $9 target on Dyadic following second quarter results

Recent developments "provide not only more visibility for the company, but also validity for the technology and help expand shareholder base."

Dyadic International Inc on the Nasdaq display
Dyadic's C1 technology makes use of a living fungus to help bring drugs and vaccines to market

Analysts at Noble Research remain optimistic on Dyadic International Inc (NASDAQ:DYAI) following the firm's recent second quarter results, reaffirming an Outperform rating and a $9 price target on the stock. 

On Tuesday, the company posted research and development revenue of $391,000, up from $161,000 for the same period in 2018, and a loss of $0.10 per share, wider than its $0.08 loss last year.

In a note to clients, Noble's analysts said the current financials were in line with their forecasts and, therefore, they are maintaining their estimates for revenue of $1.5 million, $1.6 million, and $1.7 million for full-years 2019, 2020, and 2021, respectively.

READ: Dyadic expands technology platform in 2Q through multiple collaborations, sub-licensing pacts

The analysts said: "The stock gained 200% YTD driven by positive news on partnerships and index up listing. In our view, all these recent developments provide not only more visibility for the company, but also validity for the technology and help expand shareholder base."

"We continue to drive investor's attention to the following key value generating catalysts to validate C1 technology in biologic manufacturing (a) bio-comparability data, (b) C1 glyco-engineering (human-like glycosylation) and (c) additional partnership opportunities throughout H2 2019-H1 2020," they added.

 Jupiter, Florida-based Dyadic leverages its proprietary C1 technology — an industrially proven fungal gene expression technology — to help bring biologic vaccines, enzymes, proteins, biosimilars, and drugs to market faster and at a lower cost.

The company has patented its proprietary filamentous fungus, Myceliophthora thermophila, nicknamed C1 and the associated molecular tools used to engineer the C1 cells to express and manufacture large volumes of low-cost biologic products such as enzymes and proteins. The C1 fungus, is a living cell that has been bioengineered by Dyadic scientists for more than two decades.

 Dyadic's shares were trading at $5.88 on Wednesday, down 3.6% on Tuesday's close.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Quick facts: Dyadic International Inc

Price: 6.05 USD

NASDAQ:DYAI
Market: NASDAQ
Market Cap: $164.64 m
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