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Phio Pharmaceuticals Corp. (PHIO) shares tumbled to a 52-week low, touching down at $0.99, as the biotechnology firm grapples with a challenging year. With a market capitalization of just $4.87 million, the micro-cap company maintains a strong liquidity position, evidenced by a current ratio of 5.65 and more cash than debt on its balance sheet. The stock, which has been under pressure, reflects a significant downturn from its previous positions, with the 1-year change data revealing a steep decline of -82.84%. Technical indicators from InvestingPro suggest the stock is in oversold territory, while analysts project net income growth this year. Investors are closely monitoring the company's performance, seeking signs of a turnaround that could stem the tide of the past year's losses. The current price level marks a critical juncture for Phio, as market participants consider the company's strategic initiatives and potential for recovery in a volatile biotech sector. [InvestingPro subscribers have access to 16 additional investment tips for PHIO.]
In other recent news, Phio Pharmaceuticals reported its annual financial results for the period ending December 31, 2024, highlighting developments in its Phase 1b study of PH-762. The study, which focuses on treating various skin cancers, has shown promising results, with two patients achieving complete tumor clearance. Additionally, the Safety Monitoring Committee has endorsed the continuation of the trial, with no significant adverse effects reported.
H.C. Wainwright reaffirmed its Buy rating and $4.00 price target for Phio Pharmaceuticals, citing the positive outcomes from the ongoing clinical study as a basis for their optimism. The firm believes that the potential for PH-762 to generate further positive data throughout 2025 is underappreciated by the market.
In another development, Phio Pharmaceuticals expanded its Board of Directors with the appointment of David H. Deming, bringing valuable expertise from his extensive career in investment banking and asset management. CEO Robert Bitterman emphasized Deming's experience as a beneficial addition to the company's mission. These recent developments reflect Phio Pharmaceuticals' ongoing progress in advancing its gene silencing technology for cancer treatment.
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