Can-Fite BioPharma Ltd. (NASDAQ: CANF)
Can-Fite BioPharma Ltd. (CANF), a clinical stage biopharmaceutical company made an announcement yesterday that their drug candidate CF102 has been granted Orphan Drug Designation by the European Medicine Agency. CF102 is used for the treatment of liver cancer.
Can-Fite BioPharma Ltd. CEO Comments
“The EMA’s Orphan Drug designation for CF102 is the latest in a series of catalysts that we believe are accelerating the clinical development path of our liver cancer drug towards market approval. As we actively recruit patients in our Phase II study of CF102 in Europe, we are pleased the EMA will support CF102 through protocol assistance and post-authorization market exclusivity,” stated Can-Fite CEO Dr. Pnina Fishman. PR Newswire
CANF Technical Analysis
CANF gapped up in price yesterday to $4.97, up from Friday’s close of $4.20, which is an 18% increase in price based on favorable news. Taking a look at the daily chart, we can see the last time the stock traded above this price level was on March 27th when the stock closed at $5.54. On that occasion, the stock tanked all the way $2.20 on the next day of trading, or equivalent to a 60% drop in price. The stock since then has stayed around the $2 level until the recent spike up that started on September 16th when the stock was trading at $1.68. The stock spiked all the way to its 52 week high of $7.85 only two trading days later equivalent to a 367% increase in price. As we can see, the stock makes big moves for a small cap stock. The stock does have a low float of 9.48 million shares and traded on over 5 times the normal daily trading volume. Both of these factors make the stock a prime candidate for the gap and go strategy. The stock did reach pre market highs of $5.20 meaning that it gave back $0.23 at the open, or equivalent to 4%. For trading purposes, my entry point would have been $5.00 looking for a run through the pre market high of $5.20. My stop loss would have been $4.90 fearing anything below that and the stock would start to fill in the gap up.
Can-Fite BioPharma Ltd., a clinical-stage biopharmaceutical company, develops small molecule therapeutic products for the treatment of autoimmune-inflammatory, oncological, and ophthalmic diseases. It offers CF101, which has completed Phase II/III clinical trials for the treatment of psoriasis; completed Phase II clinical trials for the treatment of rheumatoid arthritis; completed Phase I clinical study for the treatment of osteoarthritis; and completed Phase I study for the treatment of uveitis, as well as is in Phase II clinical trials for the treatment of glaucoma or related syndromes of ocular hypertension. The company also develops CF102 that conducts a Phase II study for treating HCC and HCV; and CF602, which is in pre-clinical trial for the treatment of inflammatory diseases. Can-Fite BioPharma Ltd. is headquartered in Petah-Tikva, Israel. Yahoo Finance