UPDATE: H.C. Wainwright Starts Oncolytics Biotech (ONCY) at Buy, $15 PT
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H.C. Wainwright analyst Pat Trucchio initiates coverage on Oncolytics Biotech (NASDAQ: ONCY) with a Buy rating and 415 price target.
The analyst commented, "Oncolytics Biotech, founded in 1998 and based in San Diego, California and Calgary, Alberta, is a biotechnology company focused on developing oncolytic viruses (OVs) for cancer treatment. Oncolytics' lead compound, pelareorep (pela), an unmodified reovirus and first-in-class systemically administered immuno-oncology (I-O) viral agent for solid tumors and hematological malignancies, is on the cusp of demonstrating potential to upend the treatment paradigms of several cancers, in our view. OVs are a group of viruses that infect and kill cancer cells preferentially to normal tissues; although the OV concept is not new, the field is gaining momentum only recently as advancements in technology have made it feasible to thoroughly study viruses and analyze the safety and antitumor efficacy. Oncolytics is evaluating pela in various combination trials in co-development or combination collaborations with Roche, Merck, Pfizer, Incyte, and Bristol-Myers Squibb. We believe it is the studies being conducted in breast cancer (BrCa) that could generate substantial value for shareholders in 2021 and beyond. Hence, we initiate coverage of Oncolytics with a Buy and $15 price target."
Shares of Oncolytics Biotech closed at $3.03 yesterday.
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