Oct. 2 (Bloomberg) -- Can-Fite Biopharma Ltd. advanced to the highest in more than 17 months after Roth Capital Partners rated the Israeli developer of oral drugs a new buy with a price target of triple its ADR price.
The shares of the company that is expecting results of studies in dry-eye syndrome and rheumatoid arthritis patients this quarter earlier advanced 15 percent before closing up 8.3 percent to 11.80 shekels, the highest since April 2012 in Tel Aviv. Volume was almost 16 times the daily three-month average. The stock has advanced 38 percent in two days, after Roth yesterday issued its rating and set the 12-month target price at $15. The closing price of the company’s ADR on Sept. 30 was $5.03.
“Fourth quarter 2014 should be very telling for the Can-Fite story,” Roth’s Joseph Pantginis said in an e-mailed note. “We recommend owning the stock ahead of these catalysts,” he wrote, referring to the results of a randomized Phase IIb study in arthritis patients and a Phase III study in dry-eye syndrome patients.
Roth’s recommendation is the first U.S. coverage of the company. Can-Fite listed ADRs in New York in February. The Petach Tikva, Israel-based drugmaker, which on Feb. 5 raised $7.2 million from U.S., European and Israeli investors, is recruiting 200 patients for trials in more than 20 medical centers, Chief Executive Officer Pnina Fishman said in an interview in February.
To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at email@example.com
To contact the editor responsible for this story: Claudia Maedler at firstname.lastname@example.org