Shares of Phio Pharmaceuticals Corp. (NASDAQ:PHIO) are rising Monday after the company provided an update on an ongoing medical trial.
- PHIO is charging ahead with explosive momentum. Track the action here.
What To Know: Clinical-stage siRNA biopharmaceutical company Phio Pharmaceuticals announced the pathologic results for three patients with cutaneous squamous cell carcinoma (cSCC) who completed treatment in the fifth and final dose cohort of Phio’s on-going Phase 1b dose escalation trial.
The company said one patient with cutaneous squamous cell carcinoma experienced 100% tumor clearance after receiving treatment. Another experienced more than 90% clearance, while a third experienced greater than 50% clearance.
Phio Pharmaceuticals shares traded as high as $4.19 on Monday before pulling back. Shares are still up more than 30% at the time of writing, according to Benzinga Pro.
A total of 18 patients with cutaneous carcinomas have completed treatment across five dose escalating cohorts to date. Sex patients showed a complete response, two patients shows a near complete response and two patients showed a partial response. Six patients with cSCC and one patient with metastatic melanoma had a pathologic non-response. No patients in the study exhibited clinical progression of disease.
“The encouraging outcomes of intratumoral PH-762 in patients who have received treatment thus far is a significant step in clinical development and highlights the promise of a viable non-surgical alternative treatment for cutaneous
carcinomas,” said Robert Bitterman, CEO of Phio Pharmaceuticals.
The Safety Monitoring Committee (SMC) also completed its pre-specified review of safety results for a portion of patients and confirmed that there were no dose-limiting toxicities or clinically relevant treatment-emergent adverse effects at the maximum dose concentration.
PHIO Analysis: Phio Pharmaceuticals is trading within its 52-week range of 96 cents to $9.78. This significant upward movement on Monday reflects a strong bullish sentiment, especially given the stock’s year-to-date performance of 43.7%. Such momentum can often attract further interest from investors, potentially leading to additional gains.
From a technical perspective, the stock is currently trading approximately 24.8% above its 50-day moving average of $2.18 and about 33.5% above its 200-day moving average of $2.04. These indicators suggest that the stock is in a strong upward trend, as it is well above both key moving averages. The relative strength index (RSI) at 39.53 indicates a neutral position, suggesting that while the stock has seen a substantial rise, it is not yet overbought.
With no clearly defined support levels due to the recent price action, the 50-day moving average will serve as the primary support level for the time being. On the resistance side, the stock may encounter psychological barriers near the 52-week high of $9.78, which could act as a significant hurdle for further upward movement.
PHIO Price Action: Phio Pharmaceuticals shares are climbing 33.28% to $2.73 at the time of publication on Monday, marking one of the stock’s bigger single-day surges, according to Benzinga Pro.
Read More:
- Phio Pharma Reports 100% Tumor Clearance In Final Dose Group
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