Avenue Therapeutics Reports Third Quarter 2024 Financial Results and Recent Corporate Highlights
Written by Emily J. Thompson, Senior Investment Analyst
Source: Newsfilter
Corporate Developments: Avenue Therapeutics reported progress in its clinical trials, particularly for AJ201 aimed at treating spinal and bulbar muscular atrophy, with topline data expected by year-end 2024. The company also plans to initiate a Phase 2a trial for BAER-101 targeting epilepsy and has finalized plans for a Phase 3 study of IV tramadol for post-operative pain management.
Financial Overview: As of September 30, 2024, Avenue Therapeutics had $2.6 million in cash, down from $4.9 million in the previous quarter, while research and development expenses rose significantly to $2.3 million compared to $0.9 million in Q3 2023, resulting in a net loss of $3.1 million for the quarter.
Analyst Views on FBIO
Wall Street analysts forecast FBIO stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for FBIO is 10.75 USD with a low forecast of 4.50 USD and a high forecast of 17.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
2 Analyst Rating
2 Buy
0 Hold
0 Sell
Moderate Buy
Current: 3.480
Low
4.50
Averages
10.75
High
17.00
Current: 3.480
Low
4.50
Averages
10.75
High
17.00
About FBIO
Fortress Biotech, Inc. is a biopharmaceutical company focused on acquiring and advancing assets. The Company has eight marketed prescription pharmaceutical products and over 20 programs in development, with its majority-owned and majority-controlled partners and subsidiaries and partners and subsidiaries it founded and in which it holds significant minority ownership positions. Its portfolio is being commercialized and developed for various therapeutic areas, including oncology, dermatology, and rare diseases. Its dermatology products include Emrosi, Qbrexza, Amzeeq, Zilxi, Exelderm, Targadox, and Luxamend. Its late-stage product candidates include CUTX-101 (copper histidinate injection for Menkes disease), Triplex (cytomegalovirus (CMV) vaccine), and CAEL-101 (monoclonal antibody for AL amyloidosis). Its early and mid-stage product candidates include Dotinurad (urate transporter (URAT1) inhibitor for gout), MB-101 (IL13Rα2 CAR T Cell Program for Glioblastoma), and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
