Promising Preclinical Results From Blood Cancer Propel Oncternal To Buy Rating
Portfolio Pulse from Vandana Singh
HC Wainwright has upgraded Oncternal Therapeutics Inc (NASDAQ:ONCT) to Buy from Neutral with a price target of $2. The upgrade follows promising preclinical results from blood cancer investigations. However, Oncternal's shares are down 3.11% at $0.34. Merck & Co Inc (NYSE:MRK) also presented initial results from the Phase 2 waveLINE-004 trial of zilovertamab vedotin, a ROR1-targeted ADC that Merck acquired for approximately $2.8B in 2020.
September 18, 2023 | 7:00 pm
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NEUTRAL IMPACT
Merck & Co Inc presented initial results from the Phase 2 waveLINE-004 trial of zilovertamab vedotin, a ROR1-targeted ADC that Merck acquired for approximately $2.8B in 2020.
The presentation of initial results from the Phase 2 trial is a neutral event for Merck. It neither indicates a positive nor negative impact on the stock.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Oncternal Therapeutics has been upgraded to Buy from Neutral by HC Wainwright following promising preclinical results. However, its shares are down 3.11%.
The upgrade by HC Wainwright is a positive signal for the company. However, the drop in share price indicates market skepticism or other factors influencing the stock negatively.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100