Shares of Actinium Pharmaceuticals Inc (NYSEAMERICAN:ATNM) rose Wednesday after Oppenheimer issued a US$5 price target on the stock ahead of what it expects to be several positive data readouts.
The shares closed 3.7% higher to US$0.38.
Actinium Pharmaceuticals is a clinical-stage New York-based biotech firm that develops targeted therapies for patients with cancers. Its radiotherapy products are based on a proprietary delivery platform.
The analysts said they came away satisfied after a meeting with management where they discussed the firm’s product pipeline.
Actinium’s lead product candidate is Iomab-B that is in Phase 3 clinical studies for myeloablation and conditioning of the bone marrow prior to a bone marrow transplants for older patients with relapsed or refractory acute myeloid leukemia.
“With an increasingly clear line of sight to Iomab-B pivotal Phase 3 data (1H19, potential BLA filing 1H20) and mid-stage data in the growing Actimab CD33 program, Actinium is on track to significantly re-rate in 2H18,” wrote Oppenheimer analysts Hartaj Singh and Emma Nealon in a note to clients.
The company is also developing Actimab-A, which is in Phase II clinical trials for the treatment of patients over the age of 60 newly diagnosed with a type of cancer of the blood and bone marrow.
The analysts assigned an Outperform rating with a $5 price target.
“Actinium has three clinical assets: an alpha particle platform technology and clinical trial support from the foremost bone marrow transplant (BMT) centers in the US. Historical data and our physician checks give us high conviction, and we conservatively assign a risk-adjusted value of $2.60/share to Iomab-B and $2/ share to the other programs,” wrote the analysts.
“We advise investors to carefully consider a misunderstood name.”