Lack Of Catalysts Prompts Analyst To Downgrade Xenetic Biosciences - Xenetic Biosciences (NASDAQ:XBIO)

HC Wainwright has downgraded Xenetic Biosciences Inc XBIO from Buy to Neutral, citing pending clinical path visibility.
In the Q1 earnings release, the company announced continued progress with the DNase-based oncology program toward Phase 1 study for pancreatic carcinoma and other locally advanced or metastatic solid tumors.
Xenetic announced a one-for-ten reverse stock split, the second reverse split in four years. The analyst noted that the split is not necessarily concerning amid this volatile healthcare market.
But the analyst is moving to the sidelines due to volatile markets combined with a lack of catalysts to shore up the shares.
The analyst has downgraded based on this lack of catalysts, but more specifically, not having visibility as to the timing of entry of the lead DNase candidate into the clinic (potentially 2024) and an initial path forward.
The company ended Q1 with approximately $12.0 million of cash.
Price Action: XBIO shares are down 6.36% at $3.08 on the last check Tuesday.