H.C. Wainwright analyst Patrick Trucchio reiterated a Buy rating on Oncolytics Biotech (ONCY – Research Report) today and set a price target of $5.00.
Patrick Trucchio has given his Buy rating due to a combination of factors surrounding Oncolytics Biotech’s advancements in its clinical development, particularly with its lead program, pelareorep (pela), for the treatment of breast and pancreatic cancers. The initiation of registrational studies in these areas is expected to commence in 2024, showcasing significant progress in the company’s pipeline. The anticipated regulatory discussions and a potential partnership with a major biopharmaceutical company for the breast cancer program are seen as pivotal steps that could solidify the company’s strategic position and enhance shareholder value. Trucchio underscores the company’s steady progress towards late-stage development and the positive outlook for upcoming clinical data readouts.
Furthermore, Trucchio’s optimism is bolstered by the growing attractiveness of pela’s therapeutic profile in multiple solid tumors, which may lead to lucrative late-stage development partnerships. The body of evidence supporting pela’s efficacy, including its ability to remodel the tumor microenvironment and elicit immune responses, aligns with its intended use as an immunotherapeutic agent. The company’s ongoing discussions about strategic collaborations and the expectation of a more in-depth update later in the year further contribute to the Buy rating. Overall, the combination of Oncolytics Biotech’s clinical and regulatory momentum, prospective partnerships, and compelling data underpins Trucchio’s positive outlook on the company’s stock.
In another report released on May 12, RBC Capital also assigned a Buy rating to the stock with a C$6.00 price target.
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Oncolytics Biotech (ONCY) Company Description:
Oncolytics Biotech, Inc. engages in the development of immuno-oncolytic virus for the treatment of solid tumors and hematological malignancies. It offers a non-pathogenic, properietary isolate of the reovirus that induce selective tumor lysis, and promotes an inflamed tumor phenotype through innate and adaptive immune responses. The company was founded by Matthew C. Coffey and Bradley George Thompson on April 2, 1998 and is headquartered in Calgary, Canada.
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