William Blair analyst Matt Phipps has maintained their neutral stance on NCNA stock, giving a Hold rating on March 14.
Matt Phipps has given his Hold rating due to a combination of factors related to NuCana’s recent performance and future plans. The company has shown promising results in its Phase II NuTide:701 study with NUC-7738 in combination with Keytruda for melanoma patients, indicating potential in this advanced patient group. However, the discontinuation of the Phase II NuTide:323 study for NUC-3373 in colorectal cancer raises concerns about the drug’s efficacy in that area.
Additionally, while NuCana plans to expand its studies and engage with the FDA on pivotal study designs, the financial position of the company is a point of caution. Ending 2024 with £6.7 million in cash and equivalents, despite raising funds through an ATM offering, suggests a need for careful financial management moving forward. These mixed signals from clinical results and financial standing contribute to the Hold rating, reflecting a wait-and-see approach as the company progresses with its strategic initiatives.
Phipps covers the Healthcare sector, focusing on stocks such as Incyte, Amgen, and Kezar Life Sciences. According to TipRanks, Phipps has an average return of -10.3% and a 35.94% success rate on recommended stocks.