|Bid||0.0000 x 800|
|Ask||0.0000 x 800|
|Day's Range||2.1200 - 2.4000|
|52 Week Range||2.1200 - 6.7700|
|Beta (5Y Monthly)||2.44|
|PE Ratio (TTM)||N/A|
|Earnings Date||Mar 11, 2021|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||4.50|
Eloxx Pharmaceuticals (ELOX) has been on a bit of a cold streak lately, but there might be light at the end of the tunnel for this overlooked stock.
Shares of Eloxx Pharmaceuticals gained 1.2% to close at $3.36 on April 1 after the clinical-stage biopharmaceutical company announced the acquisition of Zikani Therapeutics. The all-stock transaction is likely to strengthen the company’s ribosomal RNA-targeted therapies for the treatment of rare diseases and oncology. Per the terms of the deal, Zikani’s shareholders were granted 7.6 million Eloxx (ELOX) common shares and 16% ownership of the combined entity. Zikani, an emerging leader in the science of ribosome modulation, is leveraging its innovative TURBO-ZM chemistry technology platform to develop novel Ribosome Modulating Agents (RMAs) as therapeutics for people with limited treatment options, the company said. ELX-02 is currently in Phase 2 clinical trials in Cystic Fibrosis (CF) patients, who are affected by nonsense mutations in the cystic fibrosis transmembrane conductance regulator (CFTR) gene. Notably, nonsense mutations cause around 10%-12% of rare inherited diseases. Therefore, the company expects ELX-02 along with the TURBO-ZM library of compounds to significantly expand to include the treatment of many other rare diseases and certain cancers. Along with CF, the company intends to file an IND in 2022 for first-of-its-kind oral therapy for protein restoration in patients with nonsense mutations in Recessive Dystrophic Epidermolysis Bullosa (RDEB), and Junctional Epidermolysis Bullosa (JEB). Eloxx Chairman Tomer Kariv said, “With the strength of our ELX-02 program for cystic fibrosis, this acquisition provides us with the opportunity to amplify the potential of our innovative science by developing a new class of therapies to treat diseases with limited to no treatment options under the stewardship of leaders with a proven ability to translate technology into treatments for patients.” (See Eloxx stock analysis on TipRanks) Following the deal announcement, Piper Sandler analyst Edward Tenthoff reiterated a Buy rating and a price target of $6 (78.6% upside potential) on the stock. In a note to investors, Tenthoff said that the combined entity is likely to initially focus on developing oral RMAs in rare orphan skin disease, Recessive Dystrophic Epidermolysis Bullosa and Junctional Epidermolysis Bullosa, with an IND filing expected in 2022. The consensus rating among analysts is a Moderate Buy based on 1 Buy and 1 Hold. The average analyst price target stands at $4.50 and implies upside potential of 33.9% to current levels. Shares have gained 22.6% over the past six months. Eloxx scores a 9 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Related News: McCormick’s 1Q Results Beat Expectations As Sales Outperform CarMax’s Quarterly Profit Beats Analysts’ Expectations; Shares Tank 7% Franklin Covey Posts Smaller-Than-Feared 2Q Loss But Sales Disappoint; Shares Tank After-Hours More recent articles from Smarter Analyst: General Motors’ 1Q Vehicle Sales Rise On Strong Auto Demand Ford’s U.S. Sales Rise 1% In 1Q On EV Strength Gates Industrial Lifts 1Q Revenue Outlook; Street Sees 18% Upside Cathay General To Buy Back $75M In Stock
Eloxx Pharmaceuticals Inc (NASDAQ: ELOX) has acquired Zikani Therapeutics Inc in an all-stock transaction. The new entity will focus on ribosomal RNA-targeted therapies for the treatment of rare diseases and oncology. Sumit Aggarwal, previously the President and CEO of Zikani, has been named President and CEO of Eloxx. Vijay Modur, Zikani's Chief Scientific and Medical Officer, has been named Eloxx's Head of Research and Development. Under the terms of the merger agreement, stockholders of Zikani received approximately 7.6 million Eloxx common shares and will own about 16% of the combined company. Eloxx's ELX-02 is currently in Phase 2 clinical trials in Cystic Fibrosis (CF) patients affected by nonsense mutations in the cystic fibrosis transmembrane conductance regulator (CFTR) gene. In Phase 1 testing, ELX-02 was generally well- tolerated and demonstrated high bioavailability with consistent pharamacokinetics across single and multiple-dose studies. Eloxx also plans to file an IND in 2022 for oral therapy for protein restoration in patients with nonsense mutations in Recessive Dystrophic Epidermolysis Bullosa (RDEB) and Junctional Epidermolysis Bullosa (JEB). RDEB is an incurable, extremely painful, and often fatal skin blistering condition. JEB is the most severe form of EB, with most patients dying in infancy. Price Action: ELOX shares are up 15.1% at $3.82 in the premarket trading on the last check Thursday. See more from BenzingaClick here for options trades from BenzingaFortress Biotech's Partner Firm Expands Footprint In Dermatology With Qbrexza AcquisitionAltimmune's Anthrax Vaccine Candidate Shows Early Safety, Immunogenicity In Healthy Volunteers© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.