Phio Pharmaceuticals (PHIO) stock underwent a massive rally on Monday after the biotechnology company announced results from a Phase 1b trial of its proprietary INTASYL gene-silencing technology. This clinical trial focused on the use of INTASYL to eliminate cancer.
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Today’s news included the positive treatment of three patients with cutaneous squamous cell carcinoma. The first patient in the study experienced a 100% elimination of their cancer, the second experienced a 90% elimination, and the final patient experienced a 50% elimination. Additionally, six patients with cutaneous squamous cell carcinoma and one patient with metastatic melanoma had a pathologic non-response.
Robert Bitterman, CEO and Chairman of Phio Pharmaceuticals, said, “The encouraging outcomes of intratumoral PH-762 in patients who have received treatment thus far is a significant step in clinical development and highlights the promise of a viable non-surgical alternative treatment for cutaneous carcinomas.”
Phio Pharmaceuticals Stock Movement Today
Phio Pharmaceuticals stock was up 76.59% in pre-market trading on Monday, following a slight dip on Friday. The stock has rallied 13.89% year-to-date but was down 36.14% over the past 12 months.
With today’s clinical trial news came heavy trading of PHIO stock. As of this writing, more than 78 million shares have changed hands, compared to a three-month daily average of about 73,000 units.
Is Phio Pharmaceuticals Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Phio Pharmaceuticals is Moderate Buy, based on a single Buy rating over the past three months. With that comes an average PHIO stock price target of $14, representing a potential 582.93% upside for the shares.
