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On Tuesday, H.C. Wainwright reaffirmed its Buy rating and $4.00 price target for Phio Pharmaceuticals (NASDAQ:PHIO) shares, representing nearly 290% upside from the current price of $1.03. The stock, which has declined 42.78% year-to-date, is currently trading near its 52-week low. According to InvestingPro, technical indicators suggest the stock is in oversold territory. The endorsement comes after the company's recent financial report and business update, which included encouraging data from its ongoing clinical trial.
Phio Pharmaceuticals disclosed its annual financial results for the period ending December 31, 2024, last week. InvestingPro analysis shows the company maintains a strong financial position with a current ratio of 5.65 and more cash than debt on its balance sheet. The update also encompassed developments regarding PH-762, a therapeutic candidate in a Phase 1b study for controlling disease. According to the report, patients in the first cohort have maintained stable disease since the group's completion in May 2024.
The firm noted the progress of the trial, with the second dose cohort reaching full enrollment in November 2024 and the third in early March 2025. So far, PH-762's intratumoral injections have been well-received by participants, showing no dose-limiting toxicities or significant treatment-related adverse effects.
The Safety Monitoring Committee overseeing the study has endorsed the continuation of the trial, allowing for the fourth cohort's enrollment. With the third cohort currently undergoing treatment or in the follow-up stage, the study's enrollment phase is anticipated to conclude in the third quarter of 2025.
H.C. Wainwright suggests that an update on the efficacy of PH-762 across all dosed patients, which is expected in the latter half of 2025, could serve as a potential catalyst for the stock. The firm's reiterated Buy rating and $4.00 price target reflect their continued optimism in Phio Pharmaceuticals' clinical advancements. With a market capitalization of just $4.92 million, InvestingPro data reveals 16 additional key insights about PHIO's valuation and financial health, available to subscribers.
In other recent news, Phio Pharmaceuticals Corp. announced significant developments in its ongoing Phase 1b clinical study of PH-762, which targets PD-1 to treat various skin cancers. The study reported complete tumor clearance in two patients with cutaneous squamous cell carcinoma, with no dose-limiting toxicities or serious adverse events noted. This promising outcome has been highlighted by H.C. Wainwright, which maintained its Buy rating and $4 price target for Phio Pharmaceuticals, citing the study's positive results as a basis for their outlook. The Safety Monitoring Committee has endorsed dose escalation for the study, which has expanded to six clinical trial sites, with seven patients enrolled to date.
Additionally, Phio Pharmaceuticals has expanded its Board of Directors with the appointment of Mr. David H. Deming, a seasoned professional with over three decades of experience in investment banking and asset management. Mr. Deming's expertise in the biopharma sector and his past leadership at JP Morgan are seen as valuable assets to the company. Phio's CEO, Robert Bitterman, emphasized the potential impact of these developments on advancing the company's gene silencing technology for cancer treatment. These recent advancements reflect Phio Pharmaceuticals' ongoing efforts to enhance cancer treatment through its proprietary INTASYL siRNA technology.
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