In a research note issued Thursday, Maxim analyst Jason McCarthy reiterated a Buy rating on shares of Atossa (ATOS), with a $10 price target, after the drug maker reported positive preliminary results from the phase 1 study of topical Endoxifen in healthy male subjects, which now sets the stage for advancing Endoxifen to a phase 2 program in gynecomastia (male breast enlargement). Endoxifen was well tolerated and there were no clinically significant safety signals and no clinically significant adverse events.
McCarthy commented, “Atossa is developing topical Endoxifen for use in both men (for gynecomastia) and women (for mamographic breast density). As Endoxifen is a secondary metabolite of tamoxifen, sometimes used off-label for the condition (which has no approved treatments), if therapeutic levels can be achieved with the topical agent, it may offer an option for men with gynecomastia […] All study objectives were met. No significant clinical AEs were observed, topical Endoxifen was well tolerated at all 3 doses, and blood samples did not show measurable topical Endoxifen at any dose…that means the drug can clear rapidly from the system, thereby reducing the chances for potential offtarget effects.”
According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jason McCarthy has a yearly average return of 14.9% and a 49% success rate. McCarthy has a -25% average return when recommending ATOS, and is ranked #338 out of 4872 analysts.
Atossa shares are currently trading flat on the day.