Patrick Trucchio, an analyst from H.C. Wainwright, reiterated the Buy rating on Oncolytics Biotech. The associated price target remains the same with $5.00.
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Patrick Trucchio has given his Buy rating due to a combination of factors including Oncolytics Biotech’s strategic advancements and leadership changes. The appointment of Jared Kelly as CEO and Andrew Aromando as Chief Business Officer has brought experienced leadership to the company, both having been instrumental in a significant acquisition in the biotech industry. This new leadership is expected to enhance operational discipline and focus on advancing the company’s lead program, pelareorep, into late-stage development.
Oncolytics Biotech is prioritizing its pancreatic cancer program, which has shown promising clinical data, including a notable survival rate in patients. The company’s strategy involves leveraging Fast Track and Orphan Drug designations to expedite the regulatory process, which could potentially unlock significant value by 2025. The ongoing studies and regulatory consultations are expected to clarify the path forward, with the potential for substantial revenue in the future. These factors collectively support the Buy rating and the $5 price target for ONCY.
Trucchio covers the Healthcare sector, focusing on stocks such as uniQure, Sangamo Biosciences, and Faron Pharmaceuticals Oy. According to TipRanks, Trucchio has an average return of 4.4% and a 38.22% success rate on recommended stocks.