In early trading on Wednesday, shares of a clinical-stage biotechnology company, Lineage Cell Therapeutics Inc (LCTX) jumped as much as 10.10% to $2.73, a price which is above its previous 52-week high of $2.58.
So What’s Keeping The Stock Alive?
Lineage Cell was kept quiet today, so what’s keeping the stock alive? Perhaps the company didn’t release any press releases or financial information, and that might be the good news.
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However, Age-related Macular Degeneration (AMD) with spatial atrophy of Lineage Cell Therapeutics is being in process in a phase 1/2a clinical trial using OpRegen, which has shown preliminary efficacy and tolerability. The ongoing OpRegen analysis is expected to show fresh data this quarter. Another phase I clinical trial of VAC2 for the treatment of non-small cell lung cancer is also scheduled to be concluded by the end of 2021.
Lineage Cell Therapeutics came out in favor of Proposition 14, which passed recently in California. By authorizing the California Institute for Regenerative Medicine (CIRM) to fund up to $5.5 billion in grants to support therapeutic development, medical research, and facilities based on stem cell technologies, this bill will improve patients’ access to groundbreaking stem cell therapy treatments.
In the third quarter of 2020, LCTX was part of the portfolios of 8 hedge funds. Its high for this figure was 13. Lineage Cell Therapeutics’ earnings per share fell shy of expectations in Q3, coming in at -$0.05, against analysts’ expectations of -$0.04.
Alternatively, Lineage Cell Therapeutics Inc (LCTX) is well-received by Dawson James, as the analyst firm set a price target of $6.00 on October 12, 2020, and has given LCTX a Buy rating.