MLV Reiterates Buy on Advaxis, Inc. (ADXS) Following Clinical Pipeline Update
This morning, Advaxis Inc. (NASDAQ:ADXS) held a conference call to provided an update on its pipeline programs and laid out a timeline for multiple milestones from a total of 10 clinical studies. Subsequently, MLV analyst Raghuram Selvaraju maintained a Buy rating on ADXS with a price target of $34, which represents a potential upside of 80% from where the stock is currently trading.
Selvaraju noted, “The firm anticipates initiation of enrollment in its Phase III trial of ADXS-HPV for cervical cancer and also expects to release data in 2H 2016 from the combination trial of ADXS-PSA with Keytruda® (pembrolizumab), a monoclonal antibody checkpoint inhibitor drug developed by Merck & Co. We note that the firm now has ~$100MM in cash on its balance sheet after factoring in the net proceeds of the most recent equity financing from earlier this quarter. In the wake of this update, we reiterate our BUY rating.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Raghuram Selvaraju has a total average return of 11.0% and a 46.1% success rate. Selvaraju has a -0.6% average return when recommending ADXS, and is ranked #443 out of 3632 analysts.