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Phio Pharmaceuticals Corp. (PHIO) shares tumbled to a 52-week low, touching down at $1.22, marking an 87% decline from its 52-week high of $9.79. The biotechnology firm, with a market capitalization of just $6.02 million, grapples with a challenging market environment. According to InvestingPro analysis, while the company maintains strong liquidity with a current ratio of 6.38, it faces significant cash burn challenges. Over the past year, the company’s stock has witnessed a precipitous decline, with a staggering -78.31% drop, including a sharp -61.76% decline in just the last six months. This significant downturn has weighed heavily on investor sentiment, as the company seeks to navigate through the headwinds that have beleaguered the biotech sector at large. Shareholders and potential investors are closely monitoring Phio’s strategic moves to bolster its market position and drive a turnaround in its financial performance. InvestingPro subscribers can access 12 additional key insights about PHIO’s financial health and market position to make more informed investment decisions.
In other recent news, Phio Pharmaceuticals Corp. reported significant developments in its ongoing Phase 1b clinical study of its lead compound, PH-762, which is being evaluated for treating various skin cancers. The study has shown promising results, with two patients achieving complete tumor clearance in cutaneous squamous cell carcinoma, highlighting the potential efficacy of the INTASYL siRNA gene silencing technology. Additionally, the treatment has been well-tolerated, with no dose-limiting toxicities or serious adverse events reported. The study has expanded to six clinical trial sites, and the Safety Monitoring Committee has endorsed dose escalation for further cohorts.
Furthermore, Phio Pharmaceuticals has announced the appointment of David H. Deming to its Board of Directors, bringing extensive experience from his tenure at JP Morgan and Integrated Finance Limited. H.C. Wainwright has maintained its Buy rating and $4.00 price target for Phio Pharmaceuticals, citing the promising results from the PH-762 study as a basis for their positive outlook. The firm believes the ongoing study’s potential for providing positive data through 2025 is not fully recognized by the market.
In another development, Phio Pharmaceuticals has reported promising results from its research on RXI-231, a compound that may offer a new approach to treating hyperpigmentation. The study published in Clinical, Cosmetic and Investigational Dermatology demonstrated significant effectiveness in reducing tyrosinase mRNA expression and melanin content in human skin models. Despite the encouraging data, the company notes that further clinical testing is necessary to confirm these findings.
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