Analyst Swayampakula Ramakanth of H.C. Wainwright maintained a Buy rating on Actuate Therapeutics, Inc., retaining the price target of $20.00.
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Swayampakula Ramakanth has given his Buy rating due to a combination of factors including recent strategic advancements by Actuate Therapeutics, Inc. The company has amended its Investigational New Drug (IND) application to incorporate positive clinical data from its ongoing Phase 2 study, which has demonstrated significant improvements in survival rates for patients with metastatic pancreatic adenocarcinoma. This move is seen as proactive, as it positions the company to seek Breakthrough Therapy Designation from the FDA, potentially accelerating the drug’s development timeline.
Additionally, the recent equity offering, which raised $17.25 million, strengthens Actuate’s financial position, allowing it to fund operations through critical regulatory milestones. This financial stability enables the company to explore various regulatory pathways, including potential accelerated approval based on existing clinical data. The analyst’s confidence is further supported by the company’s plans to engage in discussions with both US and EU regulatory agencies, aiming to finalize a clear regulatory pathway for their lead drug candidate, elraglusib.
According to TipRanks, Ramakanth is a 5-star analyst with an average return of 14.2% and a 44.51% success rate. Ramakanth covers the Healthcare sector, focusing on stocks such as Corcept Therapeutics, Precigen, and Mediwound.