Company Update (NASDAQ:GTXI): GTx, Inc. Achieves Stage 1 Milestone in Phase 2 Clinical Trial of Enobosarm
GTx, Inc. (NASDAQ:GTXI) announced the achievement of the Stage 1 milestone for the 9 mg cohort of its Phase 2 clinical trial of enobosarm (GTx-024) to treat women with advanced, estrogen receptor positive (ER+), androgen receptor positive (AR+) breast cancer. A pre-defined number of patients demonstrated clinical benefit per protocol to allow the clinical trial to advance to the second and final stage of the trial (Stage 2). GTx also expects to provide an update on Stage 1 of the second dosing cohort (18 mg) in the clinical trial once there are sufficient evaluable patients to assess clinical benefit in this cohort. The Company anticipates reporting Stage 1 data from the clinical trial in the fourth quarter of 2016.
“The demonstration of clinical benefit among a pre-defined number of evaluable patients in Stage 1 of the 9 mg cohort of our ER+/AR+ breast cancer study represents an important milestone for GTx since we have met the protocol specified success criteria to continue with enrollment in Stage 2 of this cohort,” saidRobert J. Wills, Ph.D., Executive Chairman of GTx. “We believe enobosarm may provide a new hormonal approach for the treatment of estrogen receptor positive breast cancer and may delay the need for chemotherapy in these women.” (Original Source)
Shares of GTx are currently trading at $0.67, up $0.054 or 8.66%. GTXI has a 1-year high of $1.20 and a 1-year low of $0.29. The stock’s 50-day moving average is $0.57 and its 200-day moving average is $0.62.
On the ratings front, Jefferies analyst Hugo Ong reiterated a Hold rating on GTXI, with a price target of $0.50, in a report issued on August 10. The current price target implies a downside of 20.6% from current levels. According to TipRanks.com, Ong has a yearly average return of 7.6%, a 64.7% success rate, and is ranked #1252 out of 4147 analysts.
GTx, Inc. engages in the research and development of biopharmaceutical products. It focuses on developing selective androgen receptor modulators and selective androgen receptor degrader for the treatment of breast cancer, stress urinary incontinence, Duchenne muscular dystrophy, and prostate cancer.