Can Fite Biopharma stock hits 52-week low at $1.22

Can Fite Biopharma Ltd (NYSE American: NYSE:CANF) stock has reached a new 52-week low, touching down at $1.22, significantly below its 52-week high of $4.69. According to InvestingPro data, analysts maintain a positive outlook with price targets ranging from $10 to $18. This latest price movement reflects a continued downtrend for the biopharmaceutical company, which specializes in developing innovative treatments for severe medical conditions. Over the past year, Can Fite’s stock has experienced a significant decline, with a 1-year total return of -25.24%. While the company maintains a strong balance sheet with more cash than debt and a healthy current ratio of 2.93, InvestingPro analysis reveals rapid cash burn and declining sales expectations. Investors are closely monitoring the company’s progress and potential catalysts that may influence future stock performance. Get access to 6 additional InvestingPro Tips and comprehensive financial analysis to make more informed investment decisions.

In other recent news, Can-Fite BioPharma has announced a registered direct offering of its American Depositary Shares (ADSs), aiming to raise $3 million before fees and expenses. The company has agreed to sell 2.5 million ADSs at a price of $1.20 each, with the offering facilitated by H.C. Wainwright & Co. as the exclusive placement agent. The proceeds from this offering are intended for research and development, clinical trials, working capital, and general corporate purposes. The offering is expected to close soon, pending customary closing conditions. This development follows the company’s effective shelf registration statement on Form F-3, filed earlier in September and declared effective by the U.S. Securities and Exchange Commission. Can-Fite’s lead drug candidate, Piclidenoson, has shown positive results in a Phase III trial for psoriasis and is currently in a pivotal Phase III trial. Another drug, Namodenoson, is undergoing various stages of clinical trials for several conditions and has received Orphan Drug and Fast Track Designations by the FDA. Additionally, their drug candidate CF602 has demonstrated efficacy in treating erectile dysfunction.

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