Oncolytics Biotech, the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Jason McCarthy from Maxim Group maintained a Buy rating on the stock and has a $3.00 price target.
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Jason McCarthy’s rating is based on Oncolytics Biotech’s promising developments and strategic advancements. The company is making significant progress in its Phase 1/2 GOBLET study, particularly in the treatment of gastrointestinal cancers with its pelareorep (pela) therapy. Notably, the pancreatic cancer cohort is nearing full enrollment, with data updates expected soon, which could potentially lead to pivotal trials if results are positive.
Additionally, Oncolytics Biotech has seen a substantial increase in its stock value, attributed to both internal and external factors. Internally, changes in leadership and a refined strategy for pelareorep have been pivotal, while externally, the broader oncolytic virus space has been gaining traction, with other companies in the sector also showing strong performance. These factors combined suggest a positive outlook for Oncolytics Biotech, justifying the Buy rating.
In another report released today, Lake Street also reiterated a Buy rating on the stock with a $7.00 price target.