Shares of Eloxx Pharmaceuticals (NASDAQ: ELOX) are skyrocketing by 26.39% in the pre-market trading session on Wednesday. This sudden increase in value follows Oppenheimer’s decision to raise its price target for the company from $50 to $55.
Hartaj Singh, an analyst at Oppenheimer, has maintained coverage on Eloxx Pharmaceuticals and provided an “Outperform” rating. In addition, Singh increased the price target for ELOX shares to $55, up from the previous target of $50.
In another major development, Eloxx Pharmaceuticals published a scientific research paper titled “A Novel Class of Ribosome Modulating Agents Exploits Cancer Ribosome Heterogeneity to Selectively Target the CMS2 Subtype of Colorectal Cancer.” This publication highlights the potential of Eloxx’s TURBO-ZM chemistry technology platform in developing innovative Ribosome Modulating Agents (RMAs). Furthermore, it provides detailed preclinical data that demonstrate the effectiveness of ZKN-157 against specific subtypes of colorectal cancer.
Dr. Vijay Modur, the Head of Research and Development at Eloxx, expressed great satisfaction with the publication, stating, “We are incredibly pleased with this publication, as it highlights the power of our TURBO-ZM platform to target the human ribosome to develop new potential therapeutics.”
Market data from Benzinga Pro reveals that ELOX shares witnessed multiple trading halts due to volatility on Tuesday. The stock surged by more than 115% on Tuesday, with an exceptionally high trading volume. Over 45,551,864 (45.55 million) shares were traded during yesterday’s session, significantly surpassing the stock’s average of 443.6 thousand shares traded over the past 100 days.
Mary Lee is a freelance writer and journalist based in Toronto, Canada. She holds an M.S. degree in business and economic journalism from Columbia University’s Graduate School of Journalism in New York and a certificate in digital marketing from the University of Toronto.
