Can-Fite BioPharma Ltd. (NYSE : CANF)
Can-Fite BioPharma Ltd. (CANF), a clinical stage biopharmaceutical company, announced yesterday that the FDA granted fast track status to their drug CF102 in the treatment of liver cancer. Fast track status is given to important new drugs that meet an unmet need of patients. This will quicken the development process and allow the company to bring the drug to market faster.
Can-Fite BioPharma Ltd. CEO’s Comments
“We are very pleased that the FDA recognizes the potential for CF102 to treat HCC patients who have tried, and not been responsive to Nexavar, the only FDA approved drug currently on the market for this indication,” stated Can-Fite CEO Dr. Pnina Fishman. “We consider Fast Track designation to be a major catalyst for our CF102 development program and we believe it could shorten our time to market for CF102, thereby making a considerable difference for patients.” PR Newswire
CANF Technical Analysis
CANF gapped up in price yesterday to $2.36 up from the prior day’s close of $1.68 which is a 40% 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 back on June 23 when the stock closed at $2.41. Taking a further look down the chart, we can see that the stock had a big drop in price back on March 27 when the stock traded at 5.54 only to close on the next trading day at $2.20 equivalent to a 60% drop in price. The price drop was due to their drug CF101 not reaching its primary endpoints in a Phase II/III psiorasis trial. The stock does have a low float of 10.45 million shares and is trading on extremely high volume more than 75 times the normal daily trading volume. The stock did reach pre market highs of $2.65 meaning that it gave back $0.29 at the open equivalent to 11%. For trading purposes, my entry point would be $2.50 looking for a run thru the pre market highs of $2.65. My stop loss would be $2.30 fearing anything below that and the stock will start to fill in the gap up.
Company Profile
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
