PDSB - PDS Biotech defended on Wall Street after selloff

2023-06-06 09:49:10 ET

Following a ~31% decline in the previous session, the shares of PDS Biotechnology ( NASDAQ: PDSB ) rose ~9% in the pre-market Tuesday as Cantor Fitzgerald and H.C. Wainwright defended the stock arguing that the selloff was overdone.

H.C. Wainwright analyst Joseph Pantginis attributed the decline to a presentation the company conducted at the ongoing Annual Meeting of the American Society of Clinical Oncology (ASCO) on its lead asset PDS0101.

In May, PDSB previewed PDS0101 data from its Phase 2 VERSATILE-002 trial for patients with human papillomavirus (HPV)16-positive head and neck cancer ahead of the ASCO event.

“Compared to previous updates, data from this poster presentations include more patient results, outcomes over extended treatment windows, and magnitude of responses,” Pantginis wrote, reaffirming the Buy rating and $21 per share target on PDS Biotech ( PDSB ).

Calling the decline “a classic ASCO selloff” that followed the recent volume-driven rally in PDSB shares, the analyst opines that the event has led to a reset in PDSB stock, creating an opportunity to buy on the potential of PDS0101.

Meanwhile, Cantor analyst Louise Chen also maintained the Overweight rating and $25 per share target on the stock, noting that “the selloff is overdone and not based on anything fundamental.”

More on PDS Biotechnology

• PDS Biotechnology: Late-Stage Biotech With Enormous Potential
• PDS Biotechnology: Promising Interim HNSCC Data Reaffirms Investment Prospects

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