Maxim Group analyst Jason McCarthy has maintained their bullish stance on GNLX stock, giving a Buy rating yesterday.
Jason McCarthy has given his Buy rating due to a combination of factors related to Genelux Corp’s promising pipeline and strategic positioning. The core of his optimism resides in the ongoing pivotal Phase 3 trial for Olvi-Vec in treating platinum-resistant/refractory ovarian cancer. This trial is progressing well with enrollment expected to be completed by mid-2024, and it has previously shown compelling data in a Phase 2 setting, indicating significant improvements in response rates and progression-free survival compared to historical benchmarks. Additionally, the financial position of Genelux is solid, with sufficient cash to fund operations into 2025 and a $100M ATM facility available.
Furthermore, McCarthy’s confidence is reinforced by the innovative nature of Olvi-Vec, an oncolytic virus with a triple action mechanism that may enhance the effectiveness of chemotherapy. The potential benefits of intraperitoneal delivery in ovarian cancer, coupled with the versatility of the vaccinia virus-based platform to add transgene payloads, also play into the positive outlook. The initiation of a Phase 2 trial in non-small cell lung cancer and a Phase 1b/2 trial in small cell lung cancer, both with systemic delivery, expand the therapeutic potential of Olvi-Vec and are backed by a partnership that fully funds these studies. These elements collectively support McCarthy’s Buy rating for Genelux Corp.
In another report released yesterday, H.C. Wainwright also initiated coverage with a Buy rating on the stock with a $32.00 price target.
GNLX’s price has also changed dramatically for the past six months – from $14.060 to $3.830, which is a -72.76% drop .
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Genelux Corp. (GNLX) Company Description:
Genelux Corp is a clinical-stage biopharmaceutical company. The company focuses on developing next-generation oncolytic viral immunotherapies for patients suffering from aggressive or difficult-to-treat solid tumor types. Its pipeline products include Olvi-Vec (olvimulogene nanivacirepvec) and others.
