In a research report released today, H.C. Wainwright analyst Swayampakula Ramakanth reiterated a Buy rating on shares of Advaxis, Inc. (NASDAQ:ADXS), with a $23 price target, following presentation of updated results from the ongoing Phase 2 GOG0265 study, testing axalimogene filolisbac (AXAL) in persistent or recurrent metastatic cervical cancer patients, at the 2016 Annual ASCO conference.
Ramakanth noted, “A major highlight of the results was that one patient has achieved a complete response in the stage 2 and continues to have no evidence of disease at 11 months post-treatment […] These results provide us with further confidence in the program, and we look forward to additional updates from the study. We believe these data bode well for the ongoing combination study of AXAL with durvalumab, an anti-PD-L1 antibody, that is expected to readout in 2017. Additionally, the company is expecting to start the Phase 3 AIM2CERV study in 2016, pending a special protocol assessment by the FDA.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Swayampakula Ramakanth has a yearly average return of -14.6% and a 35.4% success rate. Ramakanth has a -19% average return when recommending ADXS, and is ranked #3849 out of 3990 analysts.
Shares of Insmed Incorporated (NASDAQ:INSM) tumbled nearly 8% today, after the drug maker announced the withdrawal of the Arikayce MAA application for treatment of nontuberculous mycobacteria (NTM) infection in the EU.
However, Piper Jaffray analyst Joshua Schimmer remains positive on the stock, reiterating an Overweight rating and price target of $24, which represents a potential upside of 111.5% from where the stock is currently trading.
Schimmer commented, “Though the company responded to the 180-day list of questions in Q1 and participated in an oral explanation meeting this quarter, the CHMP was not inclined to approve the product at this time. Similar to the FDA, the European regulators wish to see the results of the full Phase 3 212/CONVERT study, which will report in 2017. This is not a big surprise and does little to change the outlook for the company since success in the P3 trial likely would have been needed to stay on the market anyways. We had already pushed our modeled EU launch back to 2018 in January of this year recognizing the uncertain outlook for the CHMP decision.”
According to TipRanks.com, analyst Joshua Schimmer has a yearly average return of -10.5% and a 37.7% success rate. Schimmer has a -5.3% average return when recommending INSM, and is ranked #3880 out of 3990 analysts.