Celsion Corp (NASDAQ:CLSN) shares are trading higher Tuesday as traders circulate a Zacks Small-Cap Research note with a $37 valuation target on the stock.
Zacks analyst David Bautz highlighted the business update Celsion provided at the end of March. The company announced that following a pre-planned interim safety review of patients in the Phase 1/2 OVATION 2 study of GEN-1 in advanced stage ovarian cancer, the data safety monitoring board unanimously recommended that patients continue to be treated in the study.
More than 80% of the projected 110 patients have been enrolled in the OVATION 2 trial. Zacks anticipates enrollment being completed in the third quarter and the primary endpoint of progression-free survival being reported approximately one year after the last patient is enrolled.
Based on a probability adjusted discounted cash flow model that accounts for potential GEN-1 revenues, the firm believes Celsion is fairly valued around $37 per share.
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CLSN 52-Week Range: $0.31 - $5.63
According to data from Benzinga Pro, the stock was up 28.1% at $6.31 at time of publication.
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