Can-Fite BioPharma (NYSEMKT:CANF) is certainly a stock to keep an eye on this week. Shares of CANF stock opened higher by 16.7% on Wednesday after the company reported positive results from a Phase 2 clinical trial for its liver treatment.
The last patient in the trial was suffering from advanced hepatocellular carcinoma (the most common form of liver cancer). Following the trial, all of the patient’s cancer lesions were cleared. While that’s only a Phase 2 study, Phase 3 is in the works.
However, that’s not the only catalyst in play.
CANF stock is rallying on news that the company is also filing for patents in several countries. The aforementioned Phase 3 trial is being planned for the first quarter of next year.
Can-Fite Biopharma is an Israeli-based biopharmaceutical company that was founded in 1994. It focuses on advanced, clinical-stage drug development and works to find treatments for inflammatory, cancer, liver and metabolic diseases.
It’s also a very small company. Shares were trading at just $1.33 at last glance and sport a market capitalization of just $35 million.
Can-Fite Biopharma Medical Director Dr. Michael Silverman recently said, “It is our hope that our upcoming pivotal Phase III study will demonstrate Namodenoson’s efficacy in treating patients with similarly advanced HCC and thereby potentially offer longer survival to liver cancer patients across the world.”
CANF Stock Needs Some Help
While Wednesday’s action bodes well for CANF stock, investors would benefit from a bit more of a rally.
Although the stock opened higher by almost 17% in today’s session, the stock has coughed up more than half of those gains — now up just 5% on the day.
Further, the action comes after five straight daily declines where CANF stock fell more than 40%. Even worse, the stock was up 69% on Dec. 20, but then gave up all of those gains in the ensuing losing streak.
Lastly, the stock is down about 25% on the year. While today’s news is positive for Can-Fite BioPharma, the stock will need to do more to recover some of this year’s losses.
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On the date of publication, Bret Kenwell did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.