Oncolytics Biotech Receives a Buy from Canaccord Genuity The Healthcare company, Oncolytics Biotech (TSX: ONC), has received a rating update from a Wall Street analyst today. Analyst Neil Maruoka from Canaccord Genuity rated Oncolytics Biotech (TSX: ONC) a Buy, setting a C$2.50 price target. https://www.analystratings.com/articles/oncolytics-biotech-receives-a-buy-from-canaccord-genuity/
Maruoka said:
“We believe this deal is a significant positive for Oncolytics, providing needed capital and drug development resources, as well as validation for Reolysin. Moreover, we believe this demonstrates that management can execute a transaction and deliver on its promised goals. Delivering on its goals. Following its end-of-Phase II meeting with the FDA, we had believed that Reolysin was well positioned for a global or regional partnership. The FDA’s confirmation of a single pivotal trial will nonetheless require additional resources. We believe this deal partially removes this financing overhang, allowing the company to advance this important Phase III study in metastatic breast cancer (mBC). Oncolytics will receive an upfront payment of US$21.2 million, and is eligible to receive an additional US$65.4 million based on clinical, regulatory, and commercialization Upfront payments should help kick-start the Phase III.”