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In a challenging year for Rxi Pharmaceuticals, the company’s stock (PHIO) has reached a 52-week low, trading at $1.25. According to InvestingPro data, the stock’s technical indicators suggest oversold conditions, with analysts setting a $4 price target. This price point marks a significant downturn for the biotechnology firm, which has seen its shares plummet by 83.72% over the past year. Despite the current market cap of just $6 million, the company maintains a healthy current ratio of 6.38, with cash reserves exceeding debt levels. Investors have been wary as the company grapples with market pressures and internal challenges, leading to a stark contrast from its 52-week high of $10.35. The steep one-year change reflects broader concerns in the biotech sector and underscores the volatility that PHIO shareholders have faced. InvestingPro analysis reveals 15 additional key insights about PHIO’s financial health and future prospects, including expected net income growth this year.
In other recent news, Phio Pharmaceuticals Corp. reported significant results from its Phase 1b clinical study of PH-762, which is being evaluated for treating various skin cancers. The study, focusing on safety and tolerability, showed promising outcomes with two patients experiencing complete tumor clearance and one showing a partial response. No dose-limiting toxicities or serious adverse events were reported, underscoring the treatment’s good tolerability. Additionally, Phio Pharmaceuticals has expanded its Board of Directors with the appointment of David H. Deming, who brings extensive experience from his tenure at JP Morgan and other ventures. H.C. Wainwright has maintained its Buy rating and a $4.00 price target for Phio Pharmaceuticals, citing the promising results of the ongoing clinical study as a basis for their positive outlook. Furthermore, Phio announced potential success in treating hyperpigmentation with its INTASYL compound, RXI-231, showing effectiveness in reducing pigmentation in human skin models. While the findings are encouraging, the company notes that further clinical testing is needed. CEO Robert Bitterman expressed optimism about the positive developments, which align with the company’s ongoing efforts to advance their gene silencing technology.
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