Moleculin Biotech Stock Skyrockets Following Agreement with Mayo Clinic
It’s a very rewarding trading day for investors in Moleculin Biotech Inc (NASDAQ:MBRX) with shares up over 30%, making the stock Wall Street’s bull of the day. The reason? The preclinical pharmaceutical company announced it has entered into an agreement with a physician at the Mayo Clinic to enable additional research on Moleculin’s WP1066 molecule for the possible treatment of a rare form of pediatric brain tumor.
Mayo Clinic physician-scientists have requested and Moleculin has agreed to supply them with WP1066 for preclinical testing for the potential treatment of pediatric Diffuse Intrinsic Pontine Gliomas (DIPG), a rare and very aggressive form of brain tumor. Mayo Clinic studies have suggested that DIPG may be particularly sensitive to the inhibition of the activated form of a cell-signaling protein called STAT3, a primary target of WP1066, and their preliminary studies have demonstrated significant anti-tumor activity of WP1066 in DIPG in vitro and in vivo tumor models.
CEO Walter Klemp commented, “Independent research now suggests that WP1066 is capable of tumor suppression in xenografts of human brain tumors transplanted into mice […] So, we are eager to move WP1066 into the clinic as quickly as possible.” Mr. Klemp added: “We are proud to have an institution as renown as Mayo Clinic focus on WP1066 as a potential treatment for DIPG. This, along with the physician efforts at MD Anderson to secure an IND to study WP1066 for the treatment of adult brain tumors, continues to validate the potential importance of WP1066 in the treatment of difficult tumors.”
TOP Ships Shares on the Rise Following Financial Update
TOP SHIPS Inc (NASDAQ:TOPS) shares are up nearly 9% in Tuesday’s trading session, following the announcement of key financial information post last week’s reverse stock split. The Greece based shipping firm disclosed that it has cash and cash equivalents of ~$4.2 million ($2.91/share), book value of vessels totals $123.4 million, and its outstanding debt balance is $113.8 million.
However, TOPS tumbled nearly 18% Friday after the company announced that its Board of Directors has determined to effect a 1-for-15 reverse stock split of the Company’s common stock.
In addition, the company recently announced that it has entered into an agreement with a related party to purchase for $6.5 million, an additional 41% interest in Eco Seve a Marshall Islands company that owns M/T Stenaweco Elegance, a 50,188 dwt Medium Range product tanker, which is operating under a three year time charter at a rate of $16,500 per day expiring in March 2020.
Applied DNA Sciences Jumps on New Licensing Agreement
Investors in Applied DNA Sciences Inc (NASDAQ:APDN) are having a great day. Shares of the molecular technologies firm are up nearly 20% in the wake of a new licensing agreement with Himatsingka America.
CEO James A. Hayward stated, “This new agreement represents a strengthened partnership between Applied DNA and Himatsingka, as both companies are committed to meeting the need for supply chain traceability, transparency and trust within the cotton industry. Applied DNA is looking forward to continuing to work with the Himatsingka Group, and we are excited at the opportunity to expand market awareness and implement the technology into additional cotton supply chains.”
Commenting on the development, Shrikant Himatsingka, the Managing Director & CEO – Himatsingka Group, said: “We look forward to taking the Applied DNA technology platform global and continuing to bring cutting edge track and trace capabilities to benefit stakeholders across the cotton value chain. The Himatsingka Group will leverage its world-class manufacturing and distribution capabilities to ensure that these innovations by Applied DNA find their place across global shelves and penetrate new categories of products.”
On the ratings front, Maxim analyst Brian Kinstlinger reiterated a Buy rating on APDN, with a price target of $6.00, in a report issued on April 6. The current price target implies an upside of 237% from current levels. According to TipRanks.com, Kinstlinger has a yearly average return of 0.6%, a 52% success rate, and is ranked #2546 out of 4596 analysts.