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On Monday, H.C. Wainwright reiterated its Buy rating and $21.00 price target for BiomX (NYSE:PHGE), representing significant upside from the current price of $0.59. The micro-cap company, valued at $14.63 million, received this positive assessment following a key opinion leader (KOL) call that took place on Sunday. According to InvestingPro data, analysts maintain a consensus Buy recommendation. The call provided further insights into the diabetic foot osteomyelitis (DFO) landscape and highlighted topline results from BiomX’s Phase 2 trial of BX211 for DFO associated with S. aureus.
During the call, two prominent KOLs, Dr. Robert T. "Chip" Schooley from the University of California, San Diego, and Dr. Benjamin A. Lipsky from the University of Washington, Seattle, expressed their support for bacteriophage therapy. They emphasized its potential as a safe and effective approach to combat antimicrobial resistance. While InvestingPro indicates the company holds more cash than debt and maintains a healthy current ratio of 2.48, it’s worth noting the company is currently burning through cash. The KOLs also conveyed confidence in the recent Phase 2 data presented by BiomX.
BiomX’s recent event shed light on the efficacy of BX211 and the company’s strategic direction. The firm plans to present additional data from the Phase 2 trial at forthcoming scientific conferences. Moreover, BiomX is gearing up for a potential Phase 2/3 trial, which is dependent on the outcome of discussions and feedback from the FDA.
H.C. Wainwright’s analyst highlighted the positive reception of BiomX’s approach and data by the medical community. The firm’s reiteration of the Buy rating and $21 price target is anchored in the belief in the company’s prospects and the promising results observed in its recent trial.
In other recent news, BiomX has reported significant developments in its clinical trials, particularly highlighting the successful completion of its Phase 2 trial for BX211. The trial results demonstrated BX211’s efficacy in treating diabetic foot osteomyelitis, showing a statistically significant reduction in ulcer size and improvement in ulcer depth. Following these positive outcomes, H.C. Wainwright analysts raised the price target for BiomX shares to $21, maintaining a Buy rating. The company is now exploring regulatory pathways and planning a potential Phase 3 trial, marking a notable step in the treatment of diabetic foot infections, for which no new drugs have been approved in the past two decades.
Additionally, BiomX raised $12 million to fund its studies on cystic fibrosis and diabetic foot osteomyelitis, with key investors including Deerfield Management and the Cystic Fibrosis Foundation. Despite the positive trial results, BiomX’s stock experienced a decline in aftermarket trading, reflecting investor caution. The company is actively engaging with regulatory bodies and plans to initiate a Phase 3 trial for BX211. BiomX’s CEO, Jonathan Seliman, emphasized the significance of the trial results, describing them as a watershed moment for phage therapy. The company also hosted a virtual event to discuss its findings and future plans with industry experts.
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