Shares of biopharmaceutical company eFFECTOR Therapeutics (NASDAQ:EFTR) are trending today on a slew of developments.
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Mizuho analyst Mara Goldstein has reiterated a Buy rating on the stock alongside a $7 price target. Further, today, Stifel analyst Benjamin Burnett has upped the price target on the stock to $7 from $1.30.
The substantial price target update comes after interim results from a Phase 2 study evaluating EFTR’s zotatifin for the treatment of breast cancer impressed investors. The therapy, in combination with fulvestrant and abemaciclib, demonstrated a 26% partial response rate in subjects.
Separately, the company has announced a $7.5 million registered direct offering today. It has agreed to sell ~11.45 million common shares to a single healthcare-focused institutional investor at a price of $0.655 per share.
The offer is expected to close on or about May 31 and EFTR plans to use the funds raised for general corporate needs, working capital requirements, and R&D activities.
With today’s price gains, shares of the company have now surged 40% so far this year.
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