Can-Fite BioPharma Ltd. (NASDAQ: CANF)
Can-Fite BioPharma Ltd. (CANF), a clinical stage biopharmaceutical company yesterday announced development of its drug candidate CF102 which is under phase II trials for hepatocellular carcinoma, will be expanded to include treatment for non-alcoholic steatohepatitis (NASH). NASH is depicted by excess fat in the liver with inflammation and liver damage. Usually this is more common in alcoholic liver disease, however it occurs in people who drink little or no alcohol. NASH left untreated can lead to liver cancer.
Can-Fite BioPharma Ltd. CEO Comments
“Results from our recently concluded preclinical study of CF102 in liver disease revealed compelling data. Based on these findings, we’ve filed a patent for CF102 in the treatment of NASH,” stated Can-Fite CEO Dr. Pnina Fishman. “Because the prevalence of NASH continues to grow and no treatment currently exists, our data support the development of CF102 for the treatment of NASH.” PR Newswire
CANF Technical Analysis
CANF gapped up in price yesterday to $3.64, up from the prior day’s close of $2.64, which is a 38% increase on the favorable news. Taking a look at the daily chart, we can see the last time CANF traded above this price level was on October 20th, when it closed at $3.66. Taking a further look back on the daily chart we can see that CANF had a big spike up back in the middle of September. On September 16th it traded at $1.68 and jumped up to highs of $5.59 only a week later, a 232% increase in price. Since then, CANF has givien back those profits gained from that week. CANF does have a low float of 9.56 million shares and was trading over 3 times the normal daily trading volume. CANF did reach pre market highs of $3.78, but gave back $0.14 at the open, or equivalent to 4%. For trading purposes, my entry point would have been $3.70 looking for a run up to $4. My stop loss would have been $3.60, 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