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Investing.com - B.Riley has initiated coverage on Actuate Therapeutics (NASDAQ:ACTU) with a Buy rating and a price target of $20.00, citing the company’s promising cancer treatment. The target represents significant upside from the current price of $7.98, with InvestingPro data showing analyst targets ranging up to $35.
The firm highlights elraglusib’s transformative potential in pancreatic ductal adenocarcinoma (PDAC) treatment, noting the drug delivered a 37% reduction in death risk during Phase 2 trials involving 286 patients.
B.Riley’s analysis points to significant survival improvements, including a near-doubling of 1-year survival rates to 44% compared to 22% in previous trials, and unprecedented 2-year survival rates of 14% versus 0%.
The research firm believes these results position Actuate well for potential accelerated approval discussions with the FDA, particularly given the agency’s pragmatic approach to treatments for high-unmet-need conditions like pancreatic cancer.
Despite noting Actuate’s challenged balance sheet with approximately $8 million in pro forma cash, B.Riley expects improved financial solvency as the company executes on regulatory and corporate milestones. InvestingPro analysis reveals a current ratio of 0.73, with additional financial health indicators and exclusive insights available to subscribers.
In other recent news, Actuate Therapeutics announced the initiation of a Phase 1b trial for its drug elraglusib, in combination with Incyte’s PD-1 inhibitor retifanlimab and modified FOLFIRINOX, as a frontline treatment for advanced pancreatic adenocarcinoma. This trial, known as the RiLEY trial, is conducted in collaboration with UPMC Hillman Cancer Center and Incyte Corporation. Actuate has also completed the Phase 1 portion of its ongoing Phase 1/2 trial, evaluating elraglusib in refractory pediatric malignancies, with plans to begin a Phase 2 study in 2026 based on positive data from Ewing sarcoma patients. Notably, in this trial, two patients with relapsed/refractory Ewing sarcoma achieved complete responses. Additionally, Actuate has identified seven biomarkers that may help predict which metastatic pancreatic cancer patients could benefit from elraglusib. These findings were presented at the American Society of Clinical Oncology annual meeting. H.C. Wainwright has maintained its Buy rating on Actuate Therapeutics, with a $20.00 price target, following these developments.
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