In a report released today, Sara Nik from H.C. Wainwright reiterated a Buy rating on Moleculin Biotech, with a price target of $22.00.
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Sara Nik’s rating is based on the promising progress of Moleculin Biotech’s Phase 3 MIRACLE study, which is evaluating annamycin for relapsed or refractory acute myeloid leukemia (r/r AML). The company has successfully enrolled 78% of the initial 45 patients, indicating strong momentum towards a significant data readout. This progress suggests that the company is nearing a pivotal point in its clinical execution, with the potential for impactful results.
Sara Nik also highlights the strategic design of the study, which includes adaptive features and early unblinding points. These elements provide flexibility for potential regulatory feedback and adjustments during the trial, enhancing the likelihood of a successful outcome. If the initial data proves to be robust, it could lead to an accelerated New Drug Application process, further supporting the Buy rating for Moleculin Biotech’s stock.