Analyst Jason McCarthy of Maxim Group maintained a Buy rating on RenovoRx, with a price target of $4.00.
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Jason McCarthy has given his Buy rating due to a combination of factors including the promising progress of RenovoRx’s pivotal Phase 3 TIGeR-PaC study. This study is evaluating the efficacy of RenovoGem in treating locally advanced pancreatic cancer (LAPC) and has reached a significant milestone with the data monitoring committee recommending its continuation without changes. This positive signal, despite a temporary dip in RNXT shares, underscores the potential of RenovoGem’s innovative drug delivery platform, RenovoTAMP, which allows for more effective delivery of therapeutics directly to tumors.
Furthermore, the trial is on track with 95 out of 114 patients enrolled and 61 events recorded, indicating a timely progression towards final data collection. The anticipation of the final data readout, expected after reaching 86 events, presents a potential catalyst for the stock. Additionally, McCarthy’s valuation considers the potential commercialization of RenovoGem in 2027, with adjustments for development and clinical trial risks, reinforcing his positive outlook on the stock.
In another report released yesterday, H.C. Wainwright also maintained a Buy rating on the stock with a $3.00 price target.
RNXT’s price has also changed moderately for the past six months – from $1.050 to $0.940, which is a -10.48% drop .