Panmure Liberum repeated its 'buy' recommendation for Scancell Holdings PLC (AIM:SCLP, OTC:SCNLF) shares after what it described as a "very positive" update from its phase II SCOPE clinical trial.
The study is designed to assess the potential of the cancer vaccine, SCIB1. The broker says the melanoma treatment continues to "significantly outperform" the standard of care.
"Importantly, the complete response rate continues to rise, and progression-free survival, the endpoint for the next trial is high at 80% (65% standard of care)," Panmure points out.
Analysts at the broker reckon the potential market for SCIB1 is worth at least $1 billion – more for the SCIB1+ advancement of the treatment.
However, they also note that Scancell will need to raise funds in order to advance through the clinical trial process.
In morning trading the stock was marking time at 15.72p. Panmure Liberum reckons it is worth 23.3p.