Investors in biopharmaceutical research company GTx, Inc. (NASDAQ:$GTXI) are most likely celebrating today, as the company’s stock rose over 70% — making it Wall Street’s bull of the day. The stock rose after the GTx released promising results from its current Phase 2 clinical trial using enobosarm to treat postmenopausal women with stress urinary incontinence (SUI).
Kenneth Peters, the principal investigator in the trial, is glad to see positive results. Peters comments on the rising need of effective oral treatment for SUI as about half the women in the United States experiences the illness in some way, stating that he is incredibly encouraged by the positive early results as the data is strong and consistent, and is looking forward to releasing a more detailed version of the clinical data of the current Phase 2 clinical trial at the International Continence Society (ICS) meeting.
Robert Wills, executive chairman of GTx’s board, also commented on the results of the currently ongoing clinical trial, “What caught our attention was the fact that the first seven patients dosed in this study saw impressive positive results. We subsequently added two additional clinical trial sites, and we look forward to presenting data from additional patients from this study at the ICS meeting in September […] We believe SUI represents a near-term commercial opportunity in a potentially large population of women whose treatment options are currently limited to non-pharmacologic or invasive treatments.”
As a result of early clinical success, the stock of GTx has shot up. In a report announced on April 11, Eun Yang, a Jefferies analyst, gave a price target of $7.00 to the biopharmaceutical company and reaffirmed his Hold rating. Given where the stock is now trading, its current price target gives the stock a potential upside of 25%.
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