CANF stock exploded more than 40% higher on December 20, 2021, after the company announced its clinical trial revealed a complete 100% response.
Liver Cancer Patient Treated with Can-Fite’s Namodenoson Clears All Cancer Lesions Under Open Label Extension of Phase II Study
PETACH TIKVA, Israel–(BUSINESS WIRE)– Can-Fite BioPharma Ltd. (NYSE American: CANF) (TASE: CFBI), a biotechnology company advancing a pipeline of proprietary small molecule drugs that address inflammatory, cancer and liver diseases, today announced that the last patient treated under an Open Label Extension program of its concluded Phase II study of Namodenoson in the treatment of hepatocellular carcinoma (HCC), the most common form of liver cancer, experienced a Complete Response (CR) to Can-Fite’s drug, meaning that all cancer lesions have cleared.
Under treatment with Namodenoson, the patient has now survived five years, during which time the clinical benefits of treatment have included the disappearance of ascites, normal liver function, and the disappearance of peritoneal carcinomatosis leading to complete clearance of all cancer lesions.
“Complete Response of HCC in an advanced stage is a rare but highly beneficial result in the field of liver cancer treatment. We are pleased that Namodenoson has contributed to the restored health and quality of life for this patient and family. It is our hope that our upcoming pivotal Phase III study will demonstrate Namodenoson’s efficacy in treating patients with similarly advanced HCC and thereby potentially offer longer survival to liver cancer patients across the world,” stated Can-Fite’s Medical Director Dr. Michael Silverman.
In the first quarter of 2022, Can-Fite expects to commence patient enrollment in its pivotal Phase III trial for Namodenoson in the treatment of patients with advanced HCC with underlying Child Pugh B7 (CPB7) cirrhosis to support a New Drug Application (NDA) submission and approval. Both the U.S. Food and Drug Administration (FDA) and European Medicines Agency (EMA) have agreed with the design of the 471-patient study. Namodenoson has Orphan Drug Designation for HCC in the U.S. and Europe, has Fast Track Status in the U.S., and is currently treating liver cancer patients through a compassionate use program in Israel.
Can-Fite price target lowered to $8.25 from $9 at Alliance Global Partners
On November 30, 2021, Alliance Global Partners analyst James Molloy lowered the firm’s price target on Can-Fite BioPharma to $8.25 from $9 and keeps a Buy rating on the shares. . Due to the anticipated launch of Pfizer’s (PFE) oral COVID-19 antiviral drug candidate Paxlovid, Can-Fite has stopped its Phase 2 trial of piclidenoson for complications associated with hospitalized COVID-19 patients, Molloy tells investors in a research note. The target was lowered to reflect the removal of piclidenoson from the sum-of-the-parts valuation.
CANF Stock Technical Analysis
CANF is an average performer in the Biotechnology industry, it outperforms 56% of 625 stocks in the same industry. Prices have been rising strongly lately, it may be a good idea to wait for a consolidation or pullback before considering an entry. There is a support zone ranging from 1.26 to 1.28. This zone is formed by a combination of multiple trend lines in multiple time frames. The technical rating of CANF is bad and it also does not present a quality setup at the moment. Price movement has been a little bit too volatile to find a nice entry and exit point. It is probably a good idea to wait for a consolidation first. Click here to sign up for email alerts on CANF stock.