PHAS stock has been on fire over the past month, gaining over 440% during this period. Today PhaseBio Pharmaceuticals (NASDAQ:PHAS) is valued at more than $350 million. This week, PHAS stock leaped 32.5% after the company made some milestone announcements about its drug pipeline.
Breakthrough Therapy Designation for PB2452
The first major milestone announced by the company is the receiving of Breakthrough Therapy Designation for PB2452 from the US Food and Drug Administration. PhaseBio has also reported that they have issued a license to ImmunoForgePB1023 in age-related muscle loss diseases but will retain all development rights of the drug for obesity, diabetes, and fatty liver disease.
Since the beginning of the year, PHAS stock has gained almost 380% and is currently trading at $13.84, down 5.50%. On April 9th, PHAS stock reached an all-time high of $16.49.
The Breakthrough Therapy Designation for PB2452 is a major milestone for the company. Following the news, Stifel analysts raised its PHAS stock price target from $14 to $18. In a note to clients, Adam Walsh stated that PB2452 is in real and high demand, which confirms its positive clinical outlook as well as commercial prospects. PB2452 has been developed to reverse blood thinner Ticagrelor’s antiplatelet effects, and it demonstrated positive safety results in the first phase trial
Details of the PB1023 Deal Not Disclosed
The company did not disclose the financial terms of the PB1023 deal, but it is expected to offer a substantial amount of non-dilutive capital to the company. Additionally, its technology platform has demonstrated a promising market potential.
The continued growth of PHAS stock will depend on whether the clinic maintains its continued progress. Although the company reported an operating loss of $19 million, in 2018 it nonetheless ended the year with close to $61 million in cash and cash equivalents.
PhaseBio Pharmaceuticals also disclosed in an SEC filing that it will be offering 3 million of its common stock. PHAS stock’s offering price will be determined after negotiations with the underwriter.
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