OncoSec Medical Inc. (NASDAQ:ONCS)
Shares of OncoSec Medical Inc. (NASDAQ:ONCS) hit a new record high after the company reported positive follow-up data from its Phase 2 OMS 1-102 combination study of ImmunoPulse IL-12 and Keytruda. The stock was up by 60% in Monday’s trading session to end the day at $2 a share.
ONCS Stock Performance
OncoSec Medical Inc. (NASDAQ:ONCS) is currently trading in an uptrend, after being in consolidation for the better part of the year. For the full year, the stock is up by more than 60%. Following the rally, Maxim analyst Jason Kolbert has assigned a ‘Buy’ rating on the stock with a share price target of $5. The price target represents a 146% potential upside from current trading levels.
Renewed investor interest on the stock follows the announcement that a combination of ImmunoPulse il-12 and Keytruda demonstrated a 57% progression-free survival at 15 months.
According to OncoSec Medical Inc. (NASDAQ:ONCS), the new data demonstrates that a combination of the two therapies can prime a coordinated innate and adaptive immune response. The findings also suggest that the approach can reshape the tumor microenvironment yielding a robust anti-tumor response.
“The robust PFS benefit and tolerability observed with ImmunoPulse IL-12 plus pembrolizumab is the first demonstrating efficacy in a predicted PD-1 non-responder population and shows that the combination represents a potentially important addition to the treatment landscape for metastatic melanoma patients who have progressed or are progressing on anti-PD-1 therapy,” said CEO Dan O’Connor.
OncoSec Financial Results
Separately, OncoSec Medical Inc. (NASDAQ:ONCS) reported fourth-quarter financial results that indicated a significant improvement in operational efficiencies. For the three months ended July 31, 2017, the company generated a net loss of (-$5.8) million or (-$0.28) a share. The performance was an improvement from a net loss of (-$6.6) million reported last year.
OncoSec Medical Inc. (NASDAQ:ONCS) full-year net loss came in at (-$21.4) million or (-$1.06) a share, compared to a net loss of (-$26.9) million reported last year. The company attributes the decrease in net loss to a $2.2 million reduction in non-stock-based compensation. Research and development expenses also dropped from $14.7 million as of last year to $$12 million.
OncoSec Medical Inc. (NASDAQ:ONCS) exited the FY2017 with a total of $11.4 million in cash and cash equivalent compared to $28.7 million as of July 31, 2016.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.