Elicio Therapeutics Under Investigation for Securities Compliance

H.C. Wainwright raised the firm's price target on Elicio Therapeutics to $23 from $17 and keeps a Buy rating on the shares after the company announced that ELI-002 7P failed to demonstrate a statistically significant improvement in disease-free survival in the Phase 2 AMPLIFY-7P trial. Though the study missed its primary endpoint, several findings are "relevant to investors," says the analyst, who argues that AMPLIFY-7P results provide incremental validation for ELI-002 7P and reduce the development risk associated with the planned Phase 3 trial as an adjuvant therapy in R0-resected PDAC patients. Following the results, the firm increased its view of the probability of approval for ELI-002 7P in the adjuvant PDAC setting to 65%, up from 50%, and raised its peak market penetration estimate in adjuvant PDAC setting to 50% from a previous assumption of 20%.