Maxim lowered the firm’s price target on Moleculin Biotech (MBRX) to $8 from $20 but keeps a Buy rating on the shares after its Q3 results. The firm expects additional capital needs for the company to be raised to support and complete its Phase 3 study in acute myeloid leukemia, AML, and with the trial set to start in Q1 of FY25 and timelines to data seen in 2027, Maxim is pushing out its commercial timelines for the program to 2029 from 2027. The firm remains positive on the name longer term however, stating that despite the pullback in valuation, Annamycin to date across all trials has shown no signals of cardiotoxicity and has continued to demonstrate efficacy in extremely difficult AML settings.
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Read More on MBRX:
- Moleculin Biotech Reports Financial Highlights and Future Plans
- Moleculin Biotech reports Q3 EPS ($2.85) vs. ($2.82) last year
- MBRX Earnings this Week: How Will it Perform?
- Moleculin Biotech to Announce Q3 Results in November
- Moleculin Biotech’s Annual Meeting Decisions and Elections
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