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On Thursday, H.C. Wainwright analysts initiated coverage on Phio Pharmaceuticals (NASDAQ: PHIO) stock, assigning a Buy rating. The analysts set a price target of $14.00, representing significant upside from the current price of $2.10, highlighting the company’s innovative approach to tackling skin cancers with its lead asset, PH-762. The micro-cap company, valued at approximately $10 million, is currently rated as undervalued according to InvestingPro Fair Value metrics.
PH-762 is an siRNA-based therapy designed to inhibit PD-1 expression on T cells within the tumor microenvironment. This mechanism is intended to boost anti-tumor activity. The therapy is developed using Phio’s proprietary INTASYL platform, which aims to enhance drug delivery and efficacy while minimizing side effects.
Currently, PH-762 is undergoing a Phase 1b trial. The analysts noted that the therapy could potentially become the first siRNA treatment approved for solid tumors, including cutaneous carcinomas.
The new coverage by H.C. Wainwright reflects optimism in Phio Pharmaceuticals’ innovative approach to cancer treatment. The analysts’ Buy rating and price target of $14.00 underscore their confidence in the company’s future prospects.
In other recent news, Phio Pharmaceuticals Corp. has reported promising results from its ongoing Phase 1b clinical trial for its siRNA compound, PH-762, aimed at treating skin cancer. Two out of three patients with cutaneous squamous cell carcinoma achieved complete pathologic responses in the third dose cohort, with no serious adverse events reported. The trial’s positive outcomes have allowed the Safety Monitoring Committee to endorse a higher dose for further testing. Phio Pharmaceuticals’ INTASYL® technology, which includes PH-762, is designed to enhance the immune system’s ability to target cancer cells by silencing the PD-1 gene. The company has also disclosed its annual financial results, highlighting the progress of PH-762’s clinical trial, with full enrollment reached in the second and third dose cohorts. H.C. Wainwright has maintained its Buy rating for Phio Pharmaceuticals, setting a price target of $4.00, reflecting optimism about the company’s clinical advancements. The fourth cohort’s enrollment is underway, with completion expected in the third quarter of 2025. Further updates on the efficacy of PH-762 are anticipated in the latter half of 2025, which could potentially impact the stock.
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