Phio Drops on Profit-Taking After 85% Response Rate in Phase 1b
Phio Pharmaceuticals shares dropped following profit-taking after a 15% rise driven by positive Phase 1b results, which showed an 85% pathological response rate with no serious adverse events in 22 skin cancer patients. The company targets FDA guidance on study design in Q2 2026 and cGMP manufacturing by H2 2026.
1. Trading Movement
Phio Pharmaceuticals stock fell 4.65% in premarket trading on Thursday after profit-taking followed a nearly 15% gain from Wednesday’s session where investors reacted to positive trial data.
2. Phase 1b Trial Data
The lead candidate PH-762 achieved an 85% pathological response rate at the highest dose in a Phase 1b trial involving 22 cutaneous carcinoma patients, with no serious adverse events reported.
3. Upcoming Milestones
Phio plans to submit for FDA guidance on clinical study design in Q2 2026 and aims to commence cGMP manufacturing of PH-762 material by the second half of 2026.
4. Technical Indicators and Analyst Outlook
Shares trade 18.4% above the 20-day SMA but 18.3% below the 100-day SMA, with a neutral RSI near 66 and bullish MACD momentum, and analysts maintain a Buy rating with an average target price of $10.67.