Maxim Group analyst Jason McCarthy maintained a Buy rating on Moleculin Biotech (MBRX – Research Report) yesterday and set a price target of $20.00.
Jason McCarthy has given his Buy rating due to a combination of factors pertaining to Moleculin Biotech’s ongoing clinical developments and promising trial results. The key elements influencing his positive outlook include the company’s recent clinical update and the potential regulatory advancements expected for its drug candidate, Annamycin. Annamycin is being evaluated in an ongoing Phase 1b/2 trial in conjunction with cytarabine for the treatment of both first-line and relapsed/refractory Acute Myeloid Leukemia (AML). The data so far has shown encouraging results, especially in second-line (2L) patients, where the complete remission (CR) rate is notably higher than that of currently approved targeted therapies in this setting.
The trial has achieved a 50% CR rate among 2L patients, which is significantly higher than the 20%-25% CR rates of approved therapies, underlining Annamycin’s potential efficacy. Furthermore, the durability of these remissions seems promising, with a median of 4.9 months and counting. In addition to efficacy, the safety profile of Annamycin, particularly regarding cardiotoxicity, has been positively characterized. The expert opinions from key opinion leaders, including Dr. Martin Tallman, have also painted Annamycin in a positive light, labeling the results as “remarkable.” Considering these factors, along with the anticipation of a crucial end-of-Phase 2 meeting with the FDA, McCarthy’s Buy rating is underpinned by the strong clinical outcomes and the strategic positioning of Moleculin Biotech in the AML therapeutic landscape.
McCarthy covers the Healthcare sector, focusing on stocks such as Actinium Pharmaceuticals, Inmune Bio, and SELLAS Life Sciences Group. According to TipRanks, McCarthy has an average return of -16.6% and a 29.09% success rate on recommended stocks.
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Moleculin Biotech (MBRX) Company Description:
Moleculin Biotech, Inc. is a clinical stage pharmaceutical company, which focuses on the development of oncology drug candidates. Its Annamycin product candidate helps in the treatment of relapsed or refractory acute myeloid leukemia. The company’s preclinical small molecule portfolios focus on the modulation of hard-to-target tumor cell signaling mechanisms and the metabolism of tumors. Moleculin Biotech was founded by Walter V. Klemp, Donald H. Picker and Waldemar Priebe on July 28, 2015 and is headquartered in Houston, TX.
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