Stocks of Outlook Therapeutics (NASDAQ:OTLK) soared by 13% following a favorable upgrade by Chardan, attributed to the company’s recent successful private placement and the full cash exercise of related warrants.

The investment firm expressed confidence in the company’s financial stability, emphasizing its ability to fund the ongoing NORSE 8 study, resubmit its Biologics License Application for Lytenava, and support the drug’s launch if approved.

“With the financial overhang mostly behind, and with clarity on the regulatory requirement for the Lytenava BLA resubmission, Chardan believes the risk/reward for OTLK is now favorable,” stated the analysts, underlining the positive shift.

Chardan set a price target of $3 for the stock.