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The latest announcement is out from XORTX Therapeutics Inc ( (TSE:XRTX) ).
XORTX Therapeutics Inc. has initiated the preparation of an Investigational New Drug (IND) application for its lead program, XRx-026, aimed at treating gout. This step is supported by Allucent, a global contract research organization, and follows guidance from the FDA. The company also announced the issuance of shares under an at-the-market offering, raising funds to support its operations.
The most recent analyst rating on (TSE:XRTX) stock is a Buy with a C$14.00 price target. To see the full list of analyst forecasts on XORTX Therapeutics Inc stock, see the TSE:XRTX Stock Forecast page.
Spark’s Take on TSE:XRTX Stock
According to Spark, TipRanks’ AI Analyst, TSE:XRTX is a Underperform.
XORTX Therapeutics Inc faces significant challenges with no revenue and consistent losses, leading to a low financial performance score. Technical analysis indicates a neutral to bearish outlook, which, along with poor valuation metrics, weighs down the overall stock score. However, potential advancements in FDA discussions for gout treatment provide a glimmer of hope for future revenue generation, but current financial and compliance risks remain substantial.
To see Spark’s full report on TSE:XRTX stock, click here.
More about XORTX Therapeutics Inc
XORTX Therapeutics Inc. is a late-stage clinical pharmaceutical company focused on developing innovative therapies for treating gout and progressive kidney disease.
Average Trading Volume: 3,999
Technical Sentiment Signal: Strong Sell
Current Market Cap: C$4.26M
See more data about XRTX stock on TipRanks’ Stock Analysis page.