Roth Capital Keeps 'Buy' on Maxim Pharma

Analyst Russell Gilbertson notes the case for the company's Ceplene compound continues to strengthen

Maxim Pharmaceuticals (MAXM ) published positive research on its Ceplene product. Roth Capital reiterated its buy rating.

Analyst Russell Gilbertson notes the company announced quality of life was not adversely impacted in its Phase 3 trial of Ceplene in metastatic melanoma, providing additional support for the case that Ceplene is safe, well tolerated, and demonstrated increased survival when used with IL-2 to treat metastatic melanoma. Gilbertson notes despite previous denial of a new drug application and the requirement of an additional Phase 3 study by the FDA, the case for Ceplene continues to strengthen. He says Maxim should be able to complete Phase 3 trial and report results without additional financing. He has a $7 price target on the stock.