Stock Update (NASDAQ:ADXS): Advaxis, Inc. Receives Orphan Drug Designation in the European Union for ADXS-HER2 for the Treatment of Osteosarcoma
Advaxis, Inc. (NASDAQ:ADXS), a clinical-stage biotechnology company developing cancer immunotherapies, announced that the European Medicines Agency (EMA) granted Orphan Drug Designation for ADXS-HER2 for the treatment of osteosarcoma.
“Receiving Orphan Drug Designation from the EMA is another significant step forward for Advaxis as we continue to advance ADXS-HER2,” said Daniel J. O’Connor, CEO of Advaxis. “We recently initiated our first-in-human studyof our lead Lm Technology™ immunotherapy product for HER2 expressing solid tumors and we hope to expand that trial into four HER2 expressing tumor types, including breast, gastric, esophageal and osteosarcoma.”
Orphan Drug Designation in the EU is granted to drugs or biologics that treat a life-threatening or chronically debilitating rare disease affecting fewer than five in 10,000 individuals in the European Union. Products receiving orphan drug designation are eligible to receive market exclusivity for a period of up to ten years, as well as development incentives such as regulatory and protocol assistance and scientific advice. (Original Source)
Shares of Advaxi closed yesterday at $12.07, down $0.08 or -0.66%. ADXS has a 1-year high of $30.13 and a 1-year low of $3.03. The stock’s 50-day moving average is $11.83 and its 200-day moving average is $16.32.
On the ratings front, Advaxis has been the subject of a number of recent research reports. In a report issued on October 5, H.C. Wainwright analyst Swayampakula Ramakanth reiterated a Buy rating on ADXS, with a price target of $30, which represents a potential upside of 148.6% from where the stock is currently trading. Separately, on September 14, FBR’s Vernon Bernardino maintained a Buy rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Swayampakula Ramakanth and Vernon Bernardino have a total average return of -13.0% and -20.1% respectively. Ramakanth has a success rate of 23.6% and is ranked #3550 out of 3644 analysts, while Bernardino has a success rate of 23.2% and is ranked #3617.