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On Thursday, H.C. Wainwright reaffirmed its Buy rating and $4.00 price target for Phio Pharmaceuticals (NASDAQ:PHIO) shares, representing significant upside from the current price of $1.74. The firm’s analyst cited the promising results from the ongoing Phase 1b clinical study of PH-762 as the basis for the positive outlook. According to InvestingPro data, analysts maintain a consensus Buy recommendation, with the company expected to see net income growth this year. The study is focused on the safety and tolerability of intratumoral delivery of PH-762, a potent RNAi molecule targeting PD-1, for treating various stages of cutaneous squamous cell carcinoma (CSCC), melanoma, and Merkel cell carcinoma.
In May 2024, the Safety Monitoring Committee (SMC) for the study gave a positive recommendation for dose escalation in the first patient cohort. Following this, in December, the SMC endorsed a dose increase for a third cohort. To date, seven patients have been enrolled in the study, including six with CSCC and one with metastatic melanoma. On Day 36 post-treatment, two CSCC patients showed significant tumor clearance, one achieving complete response and the other a partial response. Importantly, the PH-762 treatment was well-tolerated, with no dose-limiting toxicities or serious adverse events reported.
The study has expanded to six clinical trial sites, and with the second cohort fully enrolled, the screening for the third cohort is expected to progress smoothly. The firm believes that the potential for the PH-762 Phase 1b study to provide a stream of positive data through 2025 is not fully recognized by the market. The reiterated Buy rating and price target reflect the firm’s confidence in the ongoing study’s future outcomes. InvestingPro analysis suggests the stock is currently undervalued, with 12 additional exclusive insights available to subscribers, including detailed financial health metrics and growth projections.
In other recent news, Phio Pharmaceuticals Corp. has announced noteworthy results from its ongoing Phase 1b clinical study, which evaluates its INTASYL® siRNA gene silencing technology for treating skin cancers. The study revealed a complete response, indicating 100% tumor clearance, in two patients with cutaneous squamous cell carcinoma, and a partial response in another patient. The company highlighted the absence of dose-limiting toxicities, emphasizing the treatment’s good tolerability. Additionally, Phio Pharmaceuticals has reported promising findings regarding its compound RXI-231 for the treatment of hyperpigmentation. Published in the journal Clinical, Cosmetic and Investigational Dermatology, the research showed significant effectiveness in reducing tyrosinase mRNA expression and melanin content in human skin models. The compound also demonstrated a non-irritant profile, suggesting potential for future development into a treatment for hyperpigmentation disorders. However, Phio Pharmaceuticals notes that further clinical testing is required for both the cancer and hyperpigmentation treatments. CEO Robert Bitterman expressed optimism about these developments, while acknowledging the uncertainties and risks involved in clinical development.
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