Curis (CRIS) - Get Report shares traded higher on Monday, recovering after losing more than a third of their market value on Friday, as analysts reiterated their positive outlooks on the drugmaker’s stock following disappointing cancer drug trial results.
Curis shares plunged Friday after the drugmaker revealed in Phase 2 drug trial results that it takes a larger-than-expected dose of its CA-4948 leukemia treatment to achieve positive results. Curis presented its findings at the European Hematology Association 2021 Virtual Congress.
However, analysts were quick to reiterate their long-term positive outlooks on the biotechnology and therapeutics-focused company, noting its leukemia and other cancer therapies continue to show promise, making its share price at current levels undervalued.
B. Riley Financial’s Justin Walsh reiterated his buy rating on the stock with a price target of $22 while H.C. Wainright’s Edward White also maintained his buy rating on the shares with a one-year price target of $20. Shares of the Lexington, Mass., company dropped 37% Friday to $8.01.
Curis shares surged in late December after the company reported positive data results from Phase 1 trials of its treatment for non-Hodgkin’s lymphoma. The open-label, dose escalation study of so-called CA-4948, an IRAK4 kinase inhibitor, is for the treatment of patients with relapsed or refractory non-Hodgkin's lymphoma.
The stock plunged on Friday but was up 3.81% at $8.32 in early Monday trading. The shares are now down more than 40% in the past month and down 11.3% year to date, though still up more than 535% over the last 12 months.