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In a challenging market environment, PHIO, the stock of biotechnology firm Phio Pharmaceuticals Corp., has reached a 52-week low, trading at $1.48. With a market capitalization of $5.39 million, InvestingPro analysis indicates the stock is currently undervalued, while analysts maintain a $4.00 price target. This price level reflects a significant downturn for the company, which has experienced a steep 1-year change with a decline of -78.86%. Investors are closely monitoring PHIO as it navigates through a period marked by volatility and investor caution, with the stock’s performance reflecting broader sectoral pressures and company-specific headwinds. Despite current challenges, InvestingPro data reveals expectations for net income growth this year, with 16 additional key insights available to subscribers. The 52-week low serves as a critical juncture for Phio Pharmaceuticals as it looks to regain momentum and investor confidence in the coming months.
In other recent news, Phio Pharmaceuticals has announced significant results from its ongoing Phase 1b clinical study of PH-762, which targets PD-1, a protein that inhibits the immune system’s ability to destroy cancer cells. The study reported complete tumor clearance in two patients with cutaneous squamous cell carcinoma, indicating promising efficacy of the INTASYL® siRNA gene silencing technology. The trial, which began in 2023, has enrolled seven patients, and results from the second cohort showed two complete responses and one partial response with 90% tumor clearance. Importantly, the treatment was well-tolerated, with no dose-limiting toxicities or serious adverse events reported.
H.C. Wainwright has maintained its Buy rating for Phio Pharmaceuticals, citing the promising results of the PH-762 study as the basis for their positive outlook. The study has expanded to six clinical trial sites, with expectations for ongoing positive data through 2025. In other developments, Phio Pharmaceuticals has also reported promising results for RXI-231, a compound targeting hyperpigmentation, which showed significant effectiveness in reducing tyrosinase mRNA expression and melanin content in human skin models.
Additionally, Phio Pharmaceuticals has expanded its Board of Directors with the appointment of David H. Deming, a seasoned professional with extensive experience in investment banking and asset management. CEO Robert Bitterman highlighted Deming’s expertise as valuable to the company’s mission. These developments reflect Phio Pharmaceuticals’ ongoing efforts in advancing its gene silencing technology and exploring new therapeutic applications.
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