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On Tuesday, IN8bio Inc. (NASDAQ:INAB) shares received a positive update from Jones Trading as analyst Soumit Roy upgraded the company’s stock rating from Hold to Buy. Along with the rating change, Roy established a new price target for IN8bio at $1.20. According to InvestingPro data, three analysts have recently revised their earnings expectations upward, with price targets ranging from $1.50 to $8.00, suggesting significant upside potential from the current price of $0.32.
The upgrade was primarily influenced by the biotechnology firm’s recent announcement regarding its INB-100 treatment. IN8bio reported that they have observed a 100% relapse-free survival rate at a median follow-up of 20.1 months in acute myeloid leukemia (AML) patients. Additionally, the company noted that three patients have remained relapse-free for over three years. Despite these promising clinical results, InvestingPro analysis shows the company faces financial challenges, with a market capitalization of just $22.47 million and a significant 77% decline in share price over the past year.
In the analyst’s remarks, it was highlighted that IN8bio’s INB-100 has shown favorable outcomes when compared to real-world data. The management of IN8bio drew attention to a cross-study analysis which demonstrated that INB-100 has outperformed similar patient demographic data from the CIBMTR and Kansas University Cancer Center (KUCC), as shown in Exhibit 1.
This update from Jones Trading suggests confidence in IN8bio’s ongoing clinical progress and its potential impact on the company’s stock performance. The analyst’s commentary underscores the significance of IN8bio’s treatment effectiveness compared to other real-world data, bolstering the optimism reflected in the new Buy rating and price target.
Investors and market watchers will likely keep a close eye on IN8bio’s stock movement and further clinical developments following this upbeat assessment from Jones Trading. With the next earnings report expected on March 13, subscribers to InvestingPro can access additional insights through 8 more exclusive ProTips and comprehensive financial metrics to make informed investment decisions.
In other recent news, IN8bio has reported promising results from clinical trials and received an extension to meet Nasdaq listing requirements. The biopharmaceutical company’s INB-100 therapy has shown positive data from a Phase 1 trial, indicating a 100% remission rate in acute myeloid leukemia (AML) patients treated post-hematopoietic stem cell transplantation. The trial’s results significantly outperformed historical control groups, with patients demonstrating a one-year progression-free survival and overall survival rate of 100%.
In addition, IN8bio has been granted an extra 180 days to comply with Nasdaq’s minimum bid price rule, according to a recent SEC filing. The company is considering strategies, including a potential reverse stock split, to meet this requirement and maintain its Nasdaq listing.
In other clinical trials, IN8bio’s therapy INB-200 has shown encouraging results for glioblastoma treatment. Half of the patients receiving multiple doses of INB-200 remained alive and in remission, surpassing the expected progression-free survival for their age and tumor status. Furthermore, H.C. Wainwright has maintained a positive outlook on IN8bio, reiterating a Buy rating following the presentation of clinical data from the Phase 1 INB-200 study.
These recent developments underline IN8bio’s ongoing efforts in advancing its gamma-delta T cell therapies and maintaining its standing in the stock market. However, investors are reminded that these forward-looking statements are subject to risks and uncertainties.
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