Pyxis stock is up 170% this week. How much higher can it go?

It’s been a good week for investors Pyxis Oncology (NASDAQ:PYXS), say the least. In the last 4 sessions, Pyxis shares are up 170%, bringing the year-to-date gain to a whopping 340%.

This biotech microcap is backed by Pfizer, which is largely responsible for the recent rally. According to a recent filing with the SEC, earlier this month the pharmaceutical giant bought 1,811,594 shares of PYXS for a total of $5 million, paying $2.76 per share. This increased Pfizer’s ownership of Pyxis to 5,952,263 shares. Pyxis entered into a license agreement with Pfizer in 2021 to develop antibody-drug conjugates using Pfizer’s technology.

The news came from the back of the company, which announced that the first person in a phase 1 study had been administered the novel antibody-drug conjugate (ADC) PYX-201 for solid tumors. Positive results from the study could be crucial for the company, says Adam Evertts, an analyst at LifeSci Capital.

“We know that ADCs can be effective and change the standard of care in cancer, with Enhertu and Padcev as recent examples. Initial efficacy data showing clinical responses with PYX-201 addressing a novel target would be transformative for Pyxis,” stated Evertts.

That’s not the only potential catalyst for the future. The first patient was scheduled to be dosed in Q2 in Phase 1 testing of PYX-106. The study is a first-in-human dose-escalation study in patients with tumors thought to have high M2 macrophage infiltration and Siglec-15 expression.

Early data reads from both studies are expected between late 2023 and early 2024.

Elsewhere, the company said in its most recent financial update that it closed 2022 with $180.7 million in cash, which Evertts said “keeps operations well into the first half of 2025 and comfortably into initial clinical data from leading companies.” programs should fund”.

If you think you’ve missed the boat, think again. Not only does Evertts have an Outperform (ie, Buy) rating on the shares, but its $9 target price leaves room for further gains of 51%. (To see Evertt’s track record, Click here)

Only one other analyst recently chimed in with a PYXS review, but their opinion is even more optimistic; combined, the average target is $12.50, which means the shares will deliver additional returns of 110% over the one-year period. (See PYXS Stock Forecast)

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Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is for informational purposes only. It is very important that you do your own analysis before making any investment.

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