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Investing.com - H.C. Wainwright has assumed coverage on Can-Fite BioPharma (NYSE:CANF) with a Buy rating and a price target of $2.50, according to a research note released Tuesday. This target represents significant upside potential from the current price of $0.41, with the stock trading near its 52-week low and at just 16% of its 52-week high of $2.50. InvestingPro analysis indicates the stock is currently undervalued based on its Fair Value model.
The firm’s analysis highlights the company’s two late-stage oral selective A3 adenosine receptor (A3AR) agonists, piclidenoson and namodenoson, which are being developed as treatments for psoriasis and liver cancer, respectively.
H.C. Wainwright notes that the A3AR receptor is expressed at higher levels in pathogenic cells compared to normal healthy cells, making it a unique target for Can-Fite’s clinical candidates, which work by affecting the NF-κB and Wnt pathways.
The research firm points to the favorable safety profile of both drugs, which have been tested in more than 1,600 patients across clinical trials, providing substantial exposure and safety data.
H.C. Wainwright considers Can-Fite’s late-stage Phase 3 studies to be de-risked based on the clean safety profiles and positive efficacy results observed in early stage studies.
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