IBIO stock surged 16% in after-hours trading on January 21, 2021, after the company received positive analyst coverage.
Cantor Fitzgerald analyst Kristen Kluska initiated coverage of iBio with an Overweight rating and $3 price target. iBio focuses on plant-made biologics manufacturing, which is supported by its proprietary FastPharming and Glycaneering Systems, Kluska tells investors in a research note. The analyst believes iBio remains “under the radar” and that its capabilities, beyond CDMO services, are not yet fully recognized by investors. She thinks additional clarity to running trials and data “could drive significant upside.”
On December 1, 2020, iBio, Inc. (NYSEA:IBIO), a biotech innovator and biologics contract development and manufacturing organization (“CDMO”), announced that it has entered into its first Statement of Work (“SoW”) under a Master Services Agreement with Belgium-based ATB Therapeutics (“atbtherapeutics”) to produce its bioengineered antibody-toxin fusion proteins using iBio’s FastPharming® System.
The fusion proteins, called atbodies™, are being designed for the treatment of cancers. iBio will develop a manufacturing process and assays for select atbodies per the SoW.
“We are pleased to be chosen as the process development and manufacturing partner for atbtherapeutics, whose platform technology offers a unique approach for hard-to-treat hematological malignancies and solid tumors,” said Tom Isett, Chairman & CEO of iBio. “We are looking forward to helping atbtherapeutics rapidly build a scalable manufacturing process so that its atbody drug candidates may quickly reach the clinic and begin to realize their potential in oncology.”
Bertrand Magy, CEO of atbtherapeutics, commented: “We are thrilled to be working with iBio, a high-quality, customer-focused CDMO whose proven expertise should be highly valuable as we prepare for our first safety trials. With iBio’s support, we believe we will be able to rapidly progress toward the clinic with our lead product candidates for the treatment of cancer.”
atbtherapeutics is a Belgian pioneering biopharmaceutical company building an oncology pipeline of antibody-toxin-bioengineered ‘atbodies.’ atbody novel biologic is differentiated by a unique composition and novel mechanism of action, together aiming to extend the therapeutic window of current targeted therapies. The atbody is a novel therapeutic that can only be achieved using atbtherapeutics’ proprietary plant-based atbiofarm technology.