Scancell Holdings PLC (AIM:SCLP, OTC:SCNLF)’s expectation-busting initial results from the phase II SCOPE trial in advanced melanoma backs Stifel’s view that the firm is looking at near-term value growth.
Discussing the vaccine trial results, which were released on Tuesday, Stifel analysts backed the AIM-listed biopharmaceutical company with a “buy” rating.
“These results continue to support our view that Scancell has a highly innovative approach to cancer vaccine development,” the investment bank said in a note.
“With a number of key potential catalysts across its platforms in the first half and beyond, we see significant potential for value creation in the near to mid-term.”
As recruitment for the second stage of the trial gets underway, Stifel dubbed the first batch of results “highly encouraging,” suggesting they could be the first of a number of catalysts to be expected this year.
“In addition to further data from the SCOPE trial, we expect data from the ongoing phase I ModiFY trial,” analysts noted.
“There is also the potential for further out-licensing opportunities from both the GlyMab and AvidiMab platforms in the future.”
Stifel offered up a 30p share price target for Scancell, which would see the stock more than double from Monday’s closing value.
The stock enjoyed a strong day on Tuesday meanwhile, jumping 21% to 15.9p on the back of the results.