In a challenging market environment, GT BioPharma Inc. (GTBP) stock has touched a 52-week low, reaching a price level of $1.92 USD. This significant downturn reflects a broader trend for the biopharmaceutical company, which has seen its stock price plummet over the past year. With a current market capitalization of just $4.47 million, the company’s shares have declined more than 73% year-to-date. InvestingPro analysis suggests the stock is currently trading below its Fair Value. The 1-year change data for Oxis International Inc, which is now known as GT BioPharma Inc., underscores the extent of the decline, with the company’s stock value eroding by -74.56%. Investors are closely monitoring the company’s performance and potential catalysts that might reverse the downward trajectory. Despite the current downturn, analysts have set a price target of $11 USD, though InvestingPro subscribers can access additional insights through 8 more exclusive ProTips about the company’s financial health and market position.
In other recent news, GT Biopharma has been the subject of several significant developments. Roth/MKM initiated coverage on GT Biopharma with a Buy rating, based on potential revenue from the company’s GTB-3650 and a strong financial position, with a reported cash reserve of $6.5 million. The company also faces potential delisting from the Nasdaq Stock Market due to an equity shortfall, with a deadline until January 2025 to submit a compliance plan.
Furthermore, GT Biopharma has entered into a clinical trial agreement with the University of Minnesota for its new cancer treatment, GTB-3650. This phase 1 trial is sponsored by the University, with GT Biopharma providing approximately $2 million in funding over three years. The company has also received clearance from the U.S. Food and Drug Administration for its Investigational New Drug application for GTB-3650.
In addition, Dr. Jeffrey Miller has transitioned from Consulting Chief Medical (TASE:PMCN) Officer and Consulting Chief Scientific Officer to Consulting Senior Medical Director at GT Biopharma. Lastly, GT Biopharma initiated a registered direct offering and concurrent private placement, expecting to yield approximately $3.2 million through the sale of 740,000 shares of common stock. These are the recent developments within GT Biopharma.
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