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Investing.com - H.C. Wainwright has reiterated its Buy rating and $1.60 price target on Akari Therapeutics (NASDAQ:AKTX), currently trading at $0.85 and showing strong momentum with a 21% gain last week, following the company’s strategic shift toward developing a novel antibody-drug conjugate (ADC) platform.
The research firm noted that after merging with Peak Bio and appointing Abizer Gaslightwala as President and CEO, Akari has pivoted to focus on its proprietary PH1 spliceosome modulator payload technology for cancer treatment. The micro-cap company, valued at $27.7 million, maintains a Fair financial health rating according to InvestingPro analysis.
According to H.C. Wainwright, the PH1 payload works by causing direct tumor killing through the formation of mis-spliced proteins, which are highly immunogenic and could enhance tumor recognition when combined with existing immunotherapies like anti-PD-1 inhibitors.
The firm highlighted that Akari’s technology may overcome standard resistance mechanisms such as drug efflux pumps, potentially giving it an advantage over other cancer treatments currently available.
H.C. Wainwright believes Akari’s new ADC platform could deliver "best-in-class results," particularly when used in combination with other immuno-oncology agents, supporting its continued Buy recommendation. InvestingPro data reveals broader analyst targets ranging from $5 to $7, suggesting significant upside potential. Subscribers can access 8 additional ProTips and comprehensive financial metrics to better evaluate this opportunity.
In other recent news, Akari Therapeutics has completed a private placement of unsecured promissory notes totaling $2.8 million, involving company directors among the investors. The notes carry a 20% original issuance discount and are set to mature 12 months from their closing dates. Additionally, Akari extended the expiration date of certain Series A Warrants by 48 months, allowing the purchase of over 1.9 million American Depositary Shares. Meanwhile, the company continues to advance its cancer-fighting ADC technology with its PH1 payload, which shows promise in inhibiting key cancer tumor drivers. The PH1 payload has been granted a patent in India, covering its spliceosome inhibitor and ADC technology for cancer treatment applications. Maxim Group has initiated coverage on Akari Therapeutics with a Buy rating, highlighting the potential of its PH1 payload to avoid common toxicities associated with other ADC payloads. Furthermore, Akari’s shareholders approved an increase in shares available under the 2023 Equity Incentive Plan, raising the total to nearly 20 billion ordinary shares.
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