EF Hutton Starts Can-Fite BioPharma (CANF) at Buy

EF Hutton analyst Jason Kolbert initiates coverage on Can-Fite BioPharma (NYSE: CANF) with a Buy rating and a price target of $10.00.

The analyst comments "We model the respective indications, Namodenoson in HCC and Piclidenoson in psoriasis. We apply a probability of success in these patient-based models. For Piclidenoson, we use 70% as the product is now in pivotal trials (psoriasis). We also assume a 70% probability for Namodenoson in HCC. These metrics then flow into our valuation models. For Can-Fite we apply a 30% discount rate, which is in addition to our therapeutic probability of success rate. We select 30% as the company is not yet profitable and most of the products are still dependent on the outcome of their respective clinical trials. Our valuation conclusion is an equally weighted average of our FCFF, EPS, and sum-of-the-parts analysis and rounded to the nearest whole number. We use a fully diluted end-year share count and assume capital raises. The conclusion of this method is a $10.00 price target."

For an analyst ratings summary and ratings history on Can-Fite BioPharma click here. For more ratings news on Can-Fite BioPharma click here.

Shares of Can-Fite BioPharma closed at $3.66 yesterday.

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