Biotech Movers: Atossa Genetics Inc Raises on Back of Positive Early Clinical Data in Breast Cancer
Atossa Genetics is among the biotech stock movers in after-hours trading Thursday.
Shares of pharmaceutical company Atossa Genetics Inc (NASDAQ:ATOS) are rising nearly 6% to $0.75 in Thursday’s after-hours trading. The reason? Atossa announced additional findings from its Phase 1 study of Atossa’s proprietary oral Endoxifen as follows:
Read more: The Report That Sent Atossa Shares Skyrocketing
- The median time for patients in the study to reach the steady-state serum levels of Endoxifen while taking daily doses of Atossa’s oral Endoxifen was 7 days. Published literature indicates that it takes approximately 50-200 days for patients to reach steady-state Endoxifen levels when taking daily doses of oral tamoxifen.
- The median time for patients in the study to reach the maximum serum level of Endoxifen after taking Atossa’s oral Endoxifen was ranged from 4 to 8 hours (depending on dose). The 4 mg dose of Endoxifen produced a maximum serum level of Endoxifen in 4 to 8 hours at levels above the generally accepted threshold for a therapeutic effect on estrogen-dependent breast cancer.
“These additional findings are important for several reasons,” commented Steve Quay, Ph.D., MD, CEO and President of Atossa. “Breast cancer patients do not typically want to wait weeks or even months for the current standard of care, oral tamoxifen, to take effect. Our study data indicates that our proprietary oral Endoxifen reaches a steady-state in about 7 days, while the literature indicates that it can take 50-200 days for tamoxifen to reach a steady-state – keeping in mind that a breast cancer tumor can double in size in as little as 29 days. Not only does it take up to several months for oral tamoxifen to take effect, oral tamoxifen also does not benefit up to 50% of patients, partly because many patients cannot metabolize tamoxifen. For these reasons, we believe our oral Endoxifen may reduce the incidence of this deadly disease and fundamentally change the paradigm for breast cancer treatment,” added Dr. Quay.
On the ratings front, Maxim analyst Jason Kolbert assigned a Buy rating on ATOS, with a price target of $2.00, in a report released yesterday. The current price target represents a potential upside of 186% from where the stock is currently trading. According to TipRanks.com, Kolbert has a yearly average loss of 4.2%, a 38% success rate, and is ranked #4592 out of 4755 analysts.
Atossa Genetics is a clinical-stage pharmaceutical company, which focuses on the development of novel therapeutics and delivery methods for the treatment of breast cancer and other breast conditions. It offers ForeCYTE and ArgusCYTE diagnostic tests. The ForeCYTE Breast Health Test provides personalized information about the 10-year and lifetime risk of breast cancer for women between ages 18 and 65. The ArgusCYTE Breast Health Test offers information to help inform breast cancer treatment options and to help monitor potential recurrence.