Roth Capital Reiterates Buy on Can-Fite BioPharma Following Distribution Agreement With Cipher
Roth Capital analyst Joseph Pantginis reiterated a Buy rating on Can-Fite BioPharma Ltd (NYSEMKT:CANF) with a price target of $20, after the company signed a distribution agreement with Cipher Pharmaceuticals to distribute CF101 for psoriasis and rheumatoid arthritis in the Canadian market upon receipt of regulatory approvals.
Pantginis noted, "We believe this important milestone signals continued validation of CF101. With a proven track of successfully managing the required clinical development and regulatory approval processes and marketing products, CPHR (a specialty pharma with dermatology focus) will promote the potential of CF101 to penetrate the Canadian market. CPHR would add CF101 to its existing portfolio composed of three commercial products and a fourth that is in development. CANF's positive data from the randomized Phase II RA data with CF101 and the anticipated pivotal data read out of Phase II/III psoriasis trial (n=300) in 1Q15 built the basis of this agreement. Recall we already received a positive interim analysis for the first 100 patients from the psoriasis study and, with more data coming shortly, we believe the company is poised for additional significant partnerships."
According to TipRanks.com, which measures analysts' and bloggers' success rate based on how their calls perform, analyst Joseph Pantginis has a total average return of 12.1% and a 56.4% success rate. Pantginis has a 1.4% average return when recommending CANF, and is ranked #109 out of 3547 analysts.