Presser
Globe says new coverage rates Oncolytics Biotech "buy"
2021-02-18 09:12 ET - In the News
The Globe and Mail reports in its Thursday edition that Wainwright analyst Patrick Trucchio rates Calgary-based Oncolytics Biotech ($3.56) "buy" in new coverage (all figures U.S.). The Globe's David Leeder writes that Mr. Trucchio targets the shares at $15. Analysts on average target the shares at $8.26. Mr. Trucchio says in a note: "Oncolytics Biotech is a biotechnology company focused on developing oncolytic viruses (OVs) for cancer treatment. Oncolytics's 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 anti-tumor efficacy. Oncolytics is evaluating pela in various combination trials in co-development or combination collaborations with Roche, Merck, Pfizer, Incyte, and Bristol-Myers Squibb."