Moleculin Biotech Stock (MBRX) Dives 10% on Clinical Trial Results
Moleculin Biotech (MBRX) stock took a beating on Wednesday after the clinical-stage pharmaceutical company released results from a Phase 1B/2 study of Annamycin. This study evaluated the safety and effectiveness of Annamycin as a treatment for soft tissue sarcoma lung metastases.
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Moleculin Biotech Chairman and CEO Walter Klemp said, 'Looking ahead, we believe these results strongly support further evaluations of Annamycin for the treatment of STS lung mets and we look forward to exploring opportunities to potentially bring this important treatment option to patients.'
While the clinical trial data was positive, it doesn't appear to be as strong as investors hoped. As a result, shares of MBRX stock were down 10.71% as of Wednesday morning. That extends its 55.88% year-to-date drop and 82.82% 12-month decline.
Is Moleculin Biotech Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts' consensus rating for Moleculin Biotech is Strong Buy, based on three Buy ratings over the past three months. With that comes an average MBRX stock price target of $10.67, representing a potential 1,268.65% upside for the shares.
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