Stock Update (NYSE MKT:CANF): WHO Accepted “Piclidenoson” as Proposed New Generic Name for Can Fite Biopharma Ltd (ADR)’s Lead Drug Candidate CF101
Can Fite Biopharma Ltd (ADR) (NYSEMKT:CANF), a biotechnology company with a pipeline of proprietary small molecule drugs that address inflammatory and cancer diseases, today announced that the World Health Organization’s International Nonproprietary Name group has accepted the proposed generic name “piclidenoson” for its lead drug candidate, CF101.
“We are pleased that the World Health Organization recognized the very unique pharmacological nature of CF101 and has granted it a new generic name,” stated Can-Fite CEO Dr. Pnina Fishman. “This is a very important step towards bringing a new drug to market and comes at an important time for Can-Fite as we prepare to enter advanced stage clinical trials for CF101 in rheumatoid arthritis and psoriasis.”
International Nonproprietary Names (INN) facilitate the identification of pharmaceutical substances or active pharmaceutical ingredients. Each INN is a unique name that is globally recognized and is public property. A nonproprietary name is also known as a generic name. The INN system’s aim is to provide health professionals with a unique and universally available designated name to identify each pharmaceutical substance. The existence of an international nomenclature for pharmaceutical substances is important for the clear identification, safe prescription and dispensing of medicines to patients, and for communication and exchange of information among health professionals and scientists worldwide. (Original Source)
Shares of Can-Fite BioPharma closed yesterday at $1.9301 CANF has a 1-year high of $5.83 and a 1-year low of $1.85. The stock’s 50-day moving average is $2.14 and its 200-day moving average is $2.97.
On the ratings front, Can-Fite BioPharma has been the subject of a number of recent research reports. In a report issued on June 8, H.C. Wainwright analyst Mark Breidenbach maintained a Buy rating on CANF, with a price target of $4, which represents a potential upside of 107.2% from where the stock is currently trading. Separately, on May 31, Roth Capital’s Joseph Pantginis maintained a Hold rating on the stock and has a price target of $3.30.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Mark Breidenbach and Joseph Pantginis have a total average return of -21.9% and 5.7% respectively. Breidenbach has a success rate of 0.0% and is ranked #3452 out of 3718 analysts, while Pantginis has a success rate of 47.1% and is ranked #520.
Can Fite Biofarma Ltd isa clinical stage biopharmaceutical company that develops orally bioavailable small molecule therapeutic products for the treatment of autoimmune-inflammatory, oncological and ophthalmic diseases.