In a report released yesterday, Jason McCarthy from Maxim Group reiterated a Buy rating on Medicus Pharma Ltd (MDCX – Research Report), with a price target of $10.00.
Jason McCarthy has given his Buy rating due to a combination of factors, including the promising progress of Medicus Pharma Ltd.’s lead asset, SKNJCT-003, which is under investigation in a Phase 2 study for basal cell carcinoma (BCC). The anticipated interim data from this study, expected by the end of the first quarter of 2025, could serve as a significant catalyst for the stock, especially if the results show a histological clearance rate of 30% or higher. This outcome could pave the way for a meeting with the FDA to discuss the clinical path forward, including a potential expansion into a registration study.
Additionally, the innovative approach of SKNJCT-003, which utilizes a dissolvable microneedle patch to deliver doxorubicin directly to BCC lesions, offers a non-invasive alternative to Mohs surgery, the current standard of care. With around 870,000 Mohs surgeries performed annually in the US, the potential market for this treatment is substantial, and Medicus estimates a revenue opportunity of over $2 billion. The ease of application and promising early results from the Phase 1 study further support the potential for widespread adoption, reinforcing McCarthy’s optimistic outlook on the stock.
According to TipRanks, McCarthy is an analyst with an average return of -14.9% and a 28.83% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as Lipella Pharmaceuticals, Inc., SELLAS Life Sciences Group, and Alterity Therapeutics.
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