In a report released today, Patrick Trucchio from H.C. Wainwright reiterated a Buy rating on Oncolytics Biotech (ONCY – Research Report), with a price target of $5.00.
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Patrick Trucchio has given his Buy rating due to a combination of factors, primarily centered around the promising clinical developments of Oncolytics Biotech’s lead candidate, pelareorep. The company is advancing towards a pivotal phase in its development, with significant progress in clinical trials for breast and pancreatic cancers. The Phase 2 data in HR+/HER2- breast cancer has shown notable improvements in progression-free survival and overall survival, indicating pelareorep’s potential as a differentiated immunotherapy.
Furthermore, Oncolytics is actively pursuing a registration-enabling trial for breast cancer, with plans to initiate it in the second half of 2025. The trial design is expected to follow successful precedents, aiming to demonstrate a meaningful progression-free survival benefit. Additionally, the company’s financial position is bolstered by expected cash flow to sustain operations through the third quarter of 2025, alongside potential partnerships that could provide non-dilutive capital. These strategic and clinical advancements contribute to the view that the stock is undervalued, justifying the Buy rating and a price target of $5.
In another report released on May 15, Maxim Group also maintained a Buy rating on the stock with a $3.00 price target.