Over the course of the past six weeks, the Atossa Therapeutics (NASDAQ:ATOS) stock has been in the middle of a strong rally and during that period, it managed to deliver gains of as much as 160%.
The Atossa stock kicked off the month of June on a strong note as well and clocked gains of as much as 20% yesterday. There was no announcement from the company yesterday but an analyst actually raised his price target for the Atossa stock and that seems to have come as a major trigger for the rally in the stock. Hence, it might be a good idea now for investors to take a closer look at the stock.
In a new development, analyst Edward Woo raised the target price for the Atossa stock from $7.75 a share to $8 a share. However, it should be noted that the new target price is just more than double the previous closing price of the stock. On the other hand, Woo maintained the buy rating on the stock.
One of the biggest reasons behind the bullish sentiments about the Atossa stocks is its oral breast cancer product named Endoxifen. Breast cancer is a widespread disease and it is believed that Endoxifen could eventually add substantially to the company’s revenues.
Back in February, Atossa also conducted a phase 2 clinical study of the product in Australia and announced that the results were ‘overwhelmingly positive’. The comment was in relation to the effectiveness of the product in reducing the activity of tumour cells.
In addition to that, the company has also managed to come up with two medications that are meant to treat patients suffering from COVID 19. In this regard it is also important to note that Woo has been bullish about the stock for quite some time and had given a buy rating to Atossa in September last year.