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Wednesday, H.C. Wainwright upgraded Dogwood Therapeutics, Inc. (NASDAQ:DWTX) from Neutral to Buy, significantly increasing the price target to $10.00 from the previous $5.00. The stock has shown strong momentum with a 46% gain in the past week, though analyst targets range from $11 to $30, according to InvestingPro data. The upgrade is based on the anticipation of interim results from the Phase 2b study of Halneuron, Dogwood’s leading product for chemotherapy-induced neuropathic pain (CINP).
The Phase 2b study is a double-blind, placebo-controlled trial aiming to enroll 222 patients, with the primary efficacy endpoint being the change in pain intensity scores at week 4. Secondary endpoints include various pain and quality of life (QoL) scores, such as Patient Global Impression of Change and PROMIS Fatigue, among others. The company maintains a strong financial position with a current ratio of 5.21 and holds more cash than debt on its balance sheet, providing runway for its clinical programs.
While Dogwood will remain blinded to the interim results, external statisticians are slated to conduct a futility analysis, assess efficacy with the currently treated patients (approximately 100 expected), and decide whether to expand patient recruitment. Although numerical safety or efficacy results are not anticipated to be disclosed, the interim readout is expected to offer insights into the study’s progress.
Dogwood has received FDA special protocol assessment (SPA) approval for a Phase 3 registration-directed study of Halneuron in the U.S., Canada, and E.U., which is projected to commence in 2026. Full results from the Phase 2b study are anticipated by mid-2026.
H.C. Wainwright’s positive outlook on the forthcoming interim results and the assessment of Halneuron’s market opportunity were key factors in the decision to upgrade the rating and raise the price target for Dogwood Therapeutics. With earnings scheduled for May 9, investors can access comprehensive analysis and 10+ additional ProTips through InvestingPro’s detailed research reports.
In other recent news, Dogwood Therapeutics announced it has regained compliance with Nasdaq’s minimum stockholders’ equity requirement after previously falling below the $2.5 million threshold. The company reported a strong cash position of $17.5 million at the end of the first quarter and no debt, following a debt-for-equity swap with its main investor, CK Life Sciences Int’l., which converted a $19.5 million loan into preferred equity. This strategic move, along with a direct offering that raised approximately $4.8 million, has strengthened Dogwood’s financial standing. The company is advancing its lead candidate, Halneuron®, which is in a Phase 2b clinical trial for chemotherapy-induced neuropathic pain, with interim data expected later this year. Dogwood’s pipeline also includes antiviral programs with IMC-1 and IMC-2 targeting fibromyalgia and Long-COVID, respectively. Halneuron® has shown promise in reducing cancer-related pain without addiction potential and is poised to become the first FDA-approved therapy for this condition. These developments reflect Dogwood’s ongoing efforts to enhance its research and development capabilities. The company plans to use the new capital to advance clinical trials and support its operational runway through the first quarter of 2026.
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