Analyst Jason McCarthy from Maxim Group maintained a Buy rating on Oncolytics Biotech and keeping the price target at $3.00.
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Jason McCarthy has given his Buy rating due to a combination of factors surrounding Oncolytics Biotech’s strategic advancements and promising clinical data. The company is poised to initiate a pivotal registration study for first-line metastatic pancreatic ductal adenocarcinoma, pending discussions with the FDA. This trial aims to evaluate the efficacy of pelareorep in combination with standard chemotherapy and a checkpoint inhibitor, with overall survival as the primary endpoint. The potential for significant clinical impact is underscored by previous trial results showing a notable improvement in objective response rates and overall survival when pelareorep is added to standard treatments.
Additionally, Oncolytics Biotech’s ongoing GOBLET study has demonstrated encouraging outcomes in anal cancer, with response rates significantly surpassing historical benchmarks. The company’s innovative approach of using an intravenously delivered oncolytic virus allows for broader tumor site access, which is crucial for treating metastatic cancers. These developments, along with the active landscape in the oncolytic virus space, suggest that Oncolytics Biotech is well-positioned for future growth, justifying the Buy rating from Jason McCarthy.
In another report released yesterday, H.C. Wainwright also reiterated a Buy rating on the stock with a $10.00 price target.