Can-Fite BioPharma Ltd. (NASDAQ: CANF)
Can-Fite BioPharma Ltd. (CANF), a clinical stage biopharmaceutical company yesterday announced that a new study showed that their drug candidate CF602 showed a mechanism of action to improve sexual dysfunction. The study showed significant improvement in penile erection compared to the placebo. The study also showed effects similar to Sildenafil better known as Viagra, in fact in cases on animals the effects on erection were superior to Viagra.
Can-Fite BioPharma Ltd. CEO Comments
“We are very encouraged by these latest findings for our CF602 drug candidate which further validate the studies that are forming the basis of our planned IND submission to the FDA. We have a robust intellectual property portfolio which includes an issued composition of matter patent and other pending patent applications protecting the use of CF602 for sexual dysfunction and are positioning CF602 as a potential alternative to sildenafil (Viagra®),” stated Can-Fite CEO Dr. Pnina Fishman. PR Newswire
CANF Technical Analysis
CANF gapped up in price yesterday to $3.97, up from the prior day’s close of $3.60, which is a 10% increase in price based on favorable news. Taking a look at the daily chart, we can see the last time the stock traded above this price level was on October 19th, when it closed at $3.98. Taking a closer look at the chart, we can see that the stock recently had a huge spike up on September 16th.On that day the stock was trading at $1.68 then spiking all the way up to its 52 week high of $7.85 only two days later which is equivalent to a 367% increase in price. Since then, the stock has been trying to stabilize and has been in a range between $3.50 and $5. The stock does have a low float of 9.57 million shares. It did reach pre market highs of $4.20 but it gave back $0.23 at the open, or equivalent to 5%. For trading purposes, my entry point would have been $4.00 looking for a run to the pre market high levels of $4.20. My stop loss would have been $3.90 fearing anything below that and the stock would start to fill in the gap up.
Can-Fite BioPharma Ltd., a clinical-stage biopharmaceutical company, develops small molecule therapeutic products for the treatment of autoimmune-inflammatory, oncological, and ophthalmic diseases. It offers CF101, which has completed Phase II/III clinical trials for the treatment of psoriasis; completed Phase II clinical trials for the treatment of rheumatoid arthritis; completed Phase I clinical study for the treatment of osteoarthritis; and completed Phase I study for the treatment of uveitis, as well as is in Phase II clinical trials for the treatment of glaucoma or related syndromes of ocular hypertension. The company also develops CF102 that conducts a Phase II study for treating HCC and HCV; and CF602, which is in pre-clinical trial for the treatment of inflammatory diseases. Can-Fite BioPharma Ltd. is headquartered in Petah-Tikva, Israel. Yahoo Finance