CANF $6.46
From Oct 1, 2013 PR
Roth Capital Partners has initiated coverage of Can-Fite BioPharma (OTCQB:CANFY; TASE:CFBI) with a “buy” rating and $15 price target, suggesting investors own the stock ahead of two data readouts in the fourth quarter this year.
Can-Fite is an Israeli company, whose ADRs recently started trading in the U.S. They closed at $5.03 on Monday.
BuyThe company’s most advanced products are CF101, CF102, and CF602. The underlying technology is based on targeting the adenosine A3 receptor (A3AR), which has been shown to be overexpressed in inflammatory and tumor cells.
According to analyst Joseph Pantginis, the current quarter should be very telling for the Can-Fite story.
“The primary stock driver should be the readout of a Phase 2b using CF101 in rheumatoid arthritis patients,” he said. “The company is taking some important lessons learned from previous studies and we believe is giving the study the best shot possible by prospectively identifying patients who have high expression levels of the CF101’s target (the A3A Receptor).”
Mr. Pantginis believes the data from this study will be positive and “act as a potential launching point to drive confidence in the drug and the overall platform in the U.S.”
Also in fourth quarter, a Phase 3 study will read out in a 231 patient study using CF101 in dry eye syndrome, which is being run by OphthaliX.
“As we await the Phase 2b results for CF101 in rheumatoid arthritis, it is important to point out that screening for A3AR expression levels prospectively in patients can be the first ever biological marker used to drive treatment decisions for RA,” Mr. Pantginis said.
Disclosures:
ROTH and/or its employees, officers, directors and owners own options, rights or warrants to purchase shares of Can-Fite
Bio Pharma stock.
Within the last twelve months, ROTH has received compensation for investment banking services from Can-Fite Bio Pharma.
ROTH makes a market in shares of Can-Fite Bio Pharma and as such, buys and sells from customers on a principal basis.
Shares of Can-Fite Bio Pharma may be subject to the Securities and Exchange Commission's Penny Stock Rules, which
may set forth sales practice requirements for certain low-priced securities.
Shares of Can-Fite Bio Pharma may not be eligible for sale in one or more states.
