In a research report released today, H.C. Wainwright analyst Mark Breidenbach reiterated a Buy rating on shares of OncoSec Medical Inc (NASDAQ:ONCS) with a $25 price target, after the company announced that first patient has been enrolled in the phase 2 investigator sponsored, open label combination study of intratumoral IL-12 with pembrolizumab for melanoma patients with low levels of tumor infiltrating lymphocytes.

Breidenbach wrote, “We view this news as excellent for both investors and melanoma patients alike, given that intratumoral IL-12 therapy has the potential to prime low-TIL patients to respond to anti-PD-1 treatment. Although PD-1/PD-L1 blockade has revolutionized the treatment paradigm of metastatic melanoma, 60-70% of patients do not respond to treatment, and we believe intratumoral IL-12 could offer a solution for patients that have historically been unresponsive to PD-1/PD-L1 blockade.”

Furthermore, “We believe the results from the IST could serve as the basis for a pivotal study, potentially initiating in 2017. With strong potential to attract a co-development partnership, and a pro forma cash position of $32.1M (expected to last until mid-2017), we believe OncoSec represents an innovator in immuno-oncology with significant upside for the long-term investor.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Mark Breidenbach has a total average return of -26.4% and a 0.0% success rate. Breidenbach has a -17.7% average return when recommending ONCS, and is ranked #3530 out of 3740 analysts.

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