Shares of biopharmaceutical company First Wave BioPharma (NASDAQ:FWBI) are rising today after it dosed the first patient in a Phase 2 study evaluating an enhanced enteric micro granule delivery formulation of adrulipase targeted for cystic fibrosis (CF).
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The formulation targets exocrine pancreatic insufficiency in CF and top-line data is expected by the middle of this year. The study will evaluate the safety, tolerability, and efficacy of the formulation in about 12 patients.
Overall, Wall Street has a consensus price target of $18 on FWBI, implying a mouth-watering 328% potential upside in the stock. That’s after a 42% slide in the share price so far this year.
At the same time, short interest in the stock remains elevated at about 12% at present and a beta of 1.50 means FWBI shares can be volatile.
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