The share of Israeli biomedical company Vascular Biogenics(Nasdaq:VBLT) has been climbing on Wall Street in recent days on much higher than average turnovers. The company is due to publish the results of an important trial of the cancer drug it is developing.
The Or Yehuda-based company reported that it would present data from the trial of its VB-111 drug at a September 27 conference.
The drug is considered promising, because the interim results at earlier stages of the trial shows that the drug was effective in treating ovarian cancer, thyroid cancer, and brain cancer.
A Chardan Capital Markets analyst said that the technology on which development of the drug was based could be suitable for various types of cancer, because it uses genetic cells to deprive cancer cells of the blood they need to exist. According to the analyst, "It is very rare for a company developing a drug like this to have a market cap of less than $500 million. For some reason, the share has stayed below the radar for a very long time."
The analyst's target price for the share is $25, 2.5 times its current price.
The drug has attracted the attention of US regulators, because it is capable of lengthening cancer patients' lives. The share price dropped to a new low in March, when the company reported the failure of a trial for VB-201, another of its drugs.
Published by Globes [online], Israel business news - www.globes-online.com - on September 24, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015