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Stock analysts at Canaccord Genuity began coverage on shares of Lpath (NASDAQ:LPTN) in a report issued on Wednesday, reports. The firm set a “buy” rating and a $17.00 price target on the stock. Canaccord Genuity’s target price suggests a potential upside of 300.00% from the stock’s previous close.

The analysts wrote, “We are initiating coverage of Lpath with a BUY rating and $17 price target. Lpath’s iSONEP could be paradigm changing in wet AMD with $2.4B peak sales potential. The name is still under the radar, with Lpath developing a novel wet AMD treatment that targets the underlying cause, unlike current standard of care which focuses on symptom treatment.”

Shares of Lpath (NASDAQ:LPTN) traded up 6.82% during mid-day trading on Wednesday, hitting $4.54. 40,149 shares of the company’s stock traded hands. Lpath has a 1-year low of $3.87 and a 1-year high of $6.70. The stock has a 50-day moving average of $4.69 and a 200-day moving average of $4.72. The company’s market cap is $68.0 million.

Lpath, Inc is a biotechnology company focused on the discovery and development of lipidomic-based therapeutics, an emerging field of medical science whereby bioactive lipids are targeted to treat human diseases.

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