HC Wainwright Sees This Small-Cap Biotech As Undervalued, Underappreciated - Oncternal Therapeutics (NASDAQ:ONCT)

At the European Hematology Association (EHA) meeting, Oncternal Therapeutics Inc ONCT presented initial preclinical results of Oncternal's ROR1 CAR containing the antigen-binding region of zilovertamab.
The data showed that The ROR1 CAR mediated target recognition and cell activation when expressed in either T cells or NK cells.
Also, ROR1 CAR-T cells demonstrated dose-dependent anti-tumor activity in a mantle cell lymphoma mouse model.
It reiterates the Buy rating and a price target of $8 per share.
"From our vantage point, the continued robustness of the clinical efficacy data for zilovertamab, underscores the extent to which Oncternal appears undervalued," writes HC Wainwright.
Also Read: Oncternal Discontinues Enrollment In ONCT-216 Study For Soft Tissue Cancer.
According to the analysts, despite the company's negative enterprise value, zilovertamab's longitudinal efficacy data combined with ibrutinib demonstrates an increased likelihood of regulatory and possibly commercial success.
Oncternal intends to initiate a Phase 1 trial for its antiROR1 CAR T therapy (ONCT-808) by year-end. HC Wainwright views it as a potential driver of future upside to projections though currently not included in the model.
Price Action: ONCT shares are down 8.94% at $1.12 during the market session on the last check Monday.