Jason McCarthy, an analyst from Maxim Group, maintained the Buy rating on SELLAS Life Sciences Group (SLS – Research Report). The associated price target is $4.00.
Jason McCarthy’s Buy rating for SELLAS Life Sciences Group is influenced by a variety of factors. A significant element is the company’s financial standing, particularly the estimated cash runway leading into the first half of 2024. The company announced a financing for about $4M in gross proceeds following its 3Q23 results, with an additional expected $13M milestone payment from its Chinese partner, 3D Medicines, by the end of 4Q23. This could potentially provide a financial buffer into 1H24.
Moreover, McCarthy’s rating is positively impacted by SELLAS’s ongoing projects, notably the P3 REGAL study of galinpepimut-S (GPS) in acute myeloid leukemia (AML) which is set to complete enrollment by the end of the month. Additionally, the CDK9 inhibitor SLS009’s initial data from the P2a combo study was promising, with the first patient experiencing a complete response. Finally, a recent direct offering with a healthcare-focused institutional investor for shares and warrants, generating about $4M, further supports the Buy rating. McCarthy also takes into account the potential $13M milestone payment from the Chinese market, which could provide additional financial stability and growth prospects for SELLAS.
McCarthy covers the Healthcare sector, focusing on stocks such as Aprea Therapeutics, Context Therapeutics, and SELLAS Life Sciences Group. According to TipRanks, McCarthy has an average return of -30.9% and a 17.37% success rate on recommended stocks.
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SELLAS Life Sciences Group (SLS) Company Description:
SELLAS Life Sciences Group, Inc. operates as a clinical stage biopharmaceutical company, which focuses on the development and commercialization of novel cancer immunotherapeutics for cancer indications. Its product galinpepimut-S, or GPS, is an immunotherapeutic agent licensed from Memorial Sloan Kettering Cancer Center, or MSK, which targets the Wilms tumor 1, or WT1, protein. Its products include galinpepimut-S and nelipepimut-S. The company was founded on April 3, 2006 and is headquartered in New York, NY.
Read More on SLS:
- Sellas Life Sciences reports Q3 EPS (33c) vs (34c) last year
- Sellas Life presents data from Phase 1/2 trial of GPS with pembrolizumab
- SELLAS Life Sciences Presents Positive Key Immunobiological and Clinical Data from Phase 1/2 Trial of Galinpepimut-S (GPS) in Combination with Keytruda® in WT1+ Platinum-Resistant Advanced Ovarian Cancer at the International Gynecologic Cancer Society 2023 Annual Global Meeting
- Sellas Life Sciences sells 3.65M shares at $1.0952 in registered direct offering
- SELLAS Life Sciences Announces $4 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules
