Here’s Why DelMar Pharmaceuticals Inc (DMPI) Stock Is Skyrocketing Today
DelMar Pharmaceuticals Inc (NASDAQ:DMPI) investors cheer the news that the company was awarded a US patent for improved analytical methods for analyzing and determining impurities in dianhydrogalactitol (VAL-083). The company’s clinical stage program, VAL-083, is a first-in-class small-molecule chemotherapeutic that has been extensively studied by the U.S. National Cancer Institute and is approved in China for the treatment of lung cancer and chronic myelogenous leukemia.
DelMar’s new patent strengthens the Company’s control over the VAL-083 manufacturing process and related controls. DelMar is establishing broad new intellectual property protection around VAL-083, a first-in-class DNA targeting agent that demonstrated clinical activity against a range of tumor-types in prior clinical trials sponsored by the U. S. National Cancer Institute (NCI).
VAL-083 is currently protected by eight US patents and eight patents outside of the US, with issued claims providing patent protection into 2033 in the United States. DelMar has made patent filings under 14 separate patent families encompassing more than 100 individual patent applications.
Shares of DelMar are up over 60% to $1.82 in pre-market trading Wednesday. DMPI has a 1-year high of $6.82 and a 1-year low of $1.05. The stock’s 50-day moving average is $1.42 and its 200-day moving average is $2.45.
On the ratings front, DMPI has been the subject of a number of recent research reports. In a report issued on September 11, Maxim analyst Jason McCarthy assigned a Hold rating on DMPI. Separately, on June 23, H.C. Wainwright’s Ram Selvaraju reiterated a Buy rating on the stock and has a price target of $12.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason McCarthy and Ram Selvaraju have a yearly average loss of 5.2% and 10.8% respectively. McCarthy has a success rate of 33% and is ranked #4465 out of 4651 analysts, while Selvaraju has a success rate of 34% and is ranked #4594.
DelMar is a clinical and commercial stage drug development company, which focuses on the research and development of drugs for the treatment of cancer. It offers VAL-083; drug discovery research; as well as patents and intellectual property.