Why Advaxis Stock Is Soaring Today

Stock performance

Today, Advaxis (ADXS) is trading at $1.43, which represents a rise of ~16.80% from yesterday’s close of $1.22. On July 12, Advaxis stock closed at $1.22 and hit its 52-week low of $1.15.

Advaxis hit its 52-week high of $7.45 on September 11, 2017.

Why Advaxis Stock Is Soaring Today

Reason for the stock price hike

Today, the FDA lifted its clinical hold on Advaxis’s IND (Investigational New Drug) application for the initiation of its Phase 1/2 trial of a combination therapy of axalimogene filolisbac and AstraZeneca’s (AZN) Imfinzi (duravalumab).

Advaxis filed an IND application to the FDA for the initiation of its Phase 1/2 clinical trial of a combination therapy of axalimogene filolisbac and duravalumab for the treatment of individuals with advanced cervical cancer and HPV-associated (human papillomavirus) cancer of the head and neck.

On March 9, the FDA issued a clinical hold on the trial after Advaxis submitted a safety report stating the death of a patient due to acute respiratory failure after nine months of dosing with axalimogene filolisbac and duravalumab.

Advaxis has resolved the issue with the FDA and is expected to initiate the trial according to FDA guidelines.

Analysts’ recommendations

Of the two analysts tracking Advaxis in July, one has recommended a “buy,” while another has recommended a “hold” on the stock.

On July 12, Advaxis had a consensus 12-month target price of $2.5, which represents a ~76.04% return on investment over the next 12 months.

Peers’ ratings

Of the 18 analysts tracking Incyte (INCY) in July, ~72% have recommended “buys” on the stock. Among the 13 analysts tracking Seattle Genetics (SGEN), ~62% have recommended “buys.” Of the 11 analysts tracking Nektar Therapeutics (NKTR), ~82% have recommended some form of a “buy” rating.

On July 12, Incyte, Seattle Genetics, and Nektar Therapeutics had consensus 12-month target prices of $83.71, $68.91, and $96.78, respectively. These targets represent a rise of ~19.59%, a fall of ~2.38%, and a rise of ~105.71%, respectively, over the next 12 months.