By The Life Science Report
Source: Streetwise Reports 10/16/2019
Good news is piling up for this healthcare stock engaged in the treatment of hepatitis B as it trades at 5X its average volume with a 30% stock price gain over previous close.
Assembly Biosciences Inc (ASMB:NASDAQ) announced in a press release on October 16, 2019, “Phase 2a studies of ABI-H0731 + nucleos(t)ide analogs (Nrtl) in HBeAg+ patients show faster and deeper declines in HBV DNA and RNA with combination than Nrtl alone, as well as subsequent declines in the surrogate markers of cccDNA with long-term treatment.”
It’s good news for the company, which seeks to improve cure rates for individuals with chronic hepatitis B (HBV).
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The announcement also highlights that data from the company’s two lead core inhibitor programs will be featured at the AASLD (American Association for the Study of Liver Diseases) Annual Meeting, considered to be the premier conference in the U.S. for hepatitis B and other liver diseases.
Investors liked what they heard this morning, as they rewarded Assembly Biosciences with a 30% increase in its share price on trading volume reaching nearly 500% of average. Shares closed the previous day at $9.30 and have reached as high as $12.45 today.
How much room does this hot biotech stock have left to run? According to Mizuho Securities analyst Salim Syed, perhaps quite a bit more. The analyst initiated coverage today with a Buy rating and a price target of $20. The target may not be as aggressive as it appears at first glance, considering ASMB is still far from its all-time high of $100.80 in 2011, as well as its more recent high of $58.43 in 2018.
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( Companies Mentioned: ASMB:NASDAQ,