Can-Fite Biopharma (CANF) stock jumped more than 70% today – Know Why

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 Can-Fite Biopharma (CANF) stock jumped more than 70% today – Know Why

Highlights

  • Can-Fite Biopharma Ltd (AMEX: CANF) stock rose by over 74% at 9:46 am ET on Monday.
  • The company announced positive results from its Phase II study for a liver cancer drug.
  • The CANF stock gained 24.15% YTD. 

 Shares of Can-Fite Biopharma Ltd (AMEX: CANF) jumped more than 74% on Monday after the company announced positive results from its Phase II study for a liver cancer drug. 

The stock was up 74% to US$2.211 at 9:46 am ET on Monday. The trading volume was 76,497,566 compared to its 90-day average volume of 213,900.  

The Israeli-based company said on Monday that its Phase II study under the Open-Label Extension program showed “complete response” to the drug in the targeted patient. 

The drug has been developed for treating the most common form of liver cancer called hepatocellular carcinoma (HCC). The complete response reflects the clearance in all cancer lesions. The stock rallied after the announcement. 

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According to the company, the patient survived for five years since the treatment. Tests showed normal liver function and complete clearance of all cancer lesions during the period. 
 

The drug candidate has been granted the Orphan Drug Designation in the US and Europe.  

 Furthermore, FDA has given it the Fast Track Designation for second-line treatment for HCC. It will now enter the Phase III trial fornon-alcoholic steatohepatitis or NASH.   

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  Why did Can-Fite Biopharma (CANF) soar more than 70%?  

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Financials 

 The company earned US$0.649 million for the nine months ended Sept 30, 2021, compared to US$0.613 million in the year-ago period. Its net loss narrowed to US$8.5 million in the period compared to a net loss of US$10.8 million in the corresponding period of 2020.  

 The loss per share diluted also reduced to US$(0.02) compared to US$(0.04) in the first nine months of the previous year. Its cash, cash equivalents and short-term deposits grew to US$13,309 million as of Sept 30, 2021, against US$8.27 million as of Dec 31, 2020.

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 The Petah-Tikva, Israeli-headquartered Can-Fite develops treatment for autoimmune inflammatory symptoms, cancer, and liver diseases. The company launched its IPO in 2005 and has a current market capitalization of US$25.48 million. Its stock price moved in the range of US$4.39 to US$0.94 in the last 52 weeks. It closed at US$1.27 on Dec 17, 2021. 

Also Read: 5 best US oil & gas stocks that returned over 100% in 2021 

Bottomline 

 Generally, the smaller healthcare companies generate income after their drug candidates or therapies are approved. The Dow Jones US Biotechnology Index grew 14.07% YTD. By contrast, the Can-Fite stock gained 24.15% in the same period.  

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