Peel Hunt reiterated its 'buy' recommendation and a 524p per share price target for Faron Pharmaceuticals Limited (AIM:FARN, OTC:FPHAF) following the latest update from its phase I/II trial of the lead asset, a cancer drug called bexmarilimab.
The broker noted that one of the highlights of Monday's announcement was the drug's apparent ability to ignite an immune response in a patient who wasn't previously responding to the standard of care treatment, azacytidine.
The current arm of the study is assessing the Faron discovery in acute myeloid leukaemia and myelodysplastic syndromes in combination with azacytidine.
"We believe this is yet another positive development, with bexmarilimab clearly well-tolerated with standard-of-care therapies, and seemingly improving care outcomes in these liquid tumours (alongside the positive data that Faron has collected for solid tumours)," said Peel Hunt in a note to clients.
The shares, up 35% in the last year, were steady at 308.25p on Monday.