Biopharmaceutical company Molecular Partners (NASDAQ:MOLN) has begun the Phase 1 study evaluating its product candidate MP0533 for the treatment of acute myeloid leukemia (AML).
The drug focuses immune attack against the disease while sparing healthy cells and the first patient in the study has already been treated. Importantly, the product candidate offers a new level of precision targeting for complex cancers.
The Phase 1 study will evaluate the safety, tolerability, and efficacy of the drug as also multiple secondary endpoints such as pharmacodynamics and cytokine release.
MOLN expects to enroll 20 to 45 patients in the trial. While shares of the company have gained about 6% so far this month, the stock price is still down nearly 76% over the past year.
At the same time, Wall Street has assigned the stock a Hold consensus rating alongside an average price target of $7. This implies after the recent price gains this month, the stock may be fairly pricing in any potential upside at the current level.
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