Analyst Patrick Trucchio from H.C. Wainwright reiterated a Buy rating on Oncolytics Biotech (ONCY – Research Report) and keeping the price target at $5.00.
Patrick Trucchio has given his Buy rating due to a combination of factors that highlight Oncolytics Biotech’s promising advancements in their lead program, pelareorep. The company is nearing a pivotal moment with plans to initiate a registration-enabling trial in 2025 for pelareorep, an oncolytic virus immunotherapy, targeting hormone receptor-positive, HER2-negative metastatic breast cancer and metastatic pancreatic ductal adenocarcinoma. Positive Phase 2 results and regulatory alignment suggest that pelareorep is well-positioned for further development, potentially unlocking value and driving the stock towards the $5 price target.
The breast cancer program is particularly promising, having shown compelling survival data in the Phase 2 BRACELET-1 trial, which has de-risked the program. Additionally, the pancreatic cancer program has cleared regulatory hurdles, with clean safety data supporting further advancement. Oncolytics’ collaboration with the Global Coalition for Adaptive Research and potential partnerships for late-stage development further de-risk the programs and present potential upside. These strategic developments underpin Trucchio’s confidence in the company’s near-term value realization and the reiteration of the Buy rating.
In another report released today, Maxim Group also maintained a Buy rating on the stock with a $3.00 price target.
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