Shares of clinical-stage healthcare company Theriva Biologics (NYSE:TOVX) are up nearly 72% at the time of writing today after its lead candidate VCN-01 bagged an orphan drug designation from the U.S. Food and Drug Administration in pancreatic cancer.
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The oncolytic adenovirus is currently in Phase 2b trial in combination with standard-of-care chemotherapy for the treatment of pancreatic ductal adenocarcinoma (PDAC). Importantly, the drug has also received an orphan drug designation for retinoblastoma previously.
PDAC is characterized by one of the lowest survival rates among different forms of cancer and VCN-01 has shown ‘compelling clinical outcomes’ in previous Phase 1 trials.
Today’s price gains come on top of a 53.3% rise in Theriva shares so far this year. Moreover, Maxim Group’s Jason McCarthy has reiterated a Buy rating on the stock alongside a $4 price target. This points to a hefty 383.3% potential upside in the stock.
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