Moleculin 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 $4.00 price target.
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Jason McCarthy’s rating is based on the promising data from Moleculin Biotech’s Annamycin trials, which have shown encouraging overall survival rates in acute myeloid leukemia (AML) patients. The completed MB-106 trial demonstrated that Annamycin, when combined with cytarabine, resulted in a median overall survival of 15 months in patients who achieved complete remission, significantly outperforming cytarabine alone.
Furthermore, the ongoing Phase 3 MIRACLE study is expected to provide an interim readout by the end of 2025, which could further validate Annamycin’s efficacy. McCarthy believes that if the interim results mirror the positive outcomes of the MB-106 trial, it could substantially de-risk the study and enhance the stock’s value. Despite recent share price volatility due to capital raising efforts, McCarthy sees management’s strategic navigation through these challenges as a positive indicator for future growth.
In another report released on August 27, H.C. Wainwright also maintained a Buy rating on the stock with a $4.00 price target.
Based on the recent corporate insider activity of 7 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of MBRX in relation to earlier this year.