Benzinga | Sep 14, 2020 03:32PM EDT

Why Kintara's Stock Is Trading Higher Today

Kintara Therapeutics (NASDAQ:KTRA) shares are trading higher on Monday after Aegis Capital initiated coverage on the stock with a Buy rating and announced a price target of $6 per share.

Kintara Therapeutics Inc is engaged in the development of novel cancer therapies for patients with unmet medical needs. The company is developing two late-stage, Phase 3-ready therapeutics for clear unmet medical needs with reduced risk development programs. The two programs are VAL-083 for GBM and REM-001 for CMBC. VAL-083 is a small-molecule chemotherapeutic with a novel mechanism of action that has demonstrated clinical activity against a range of cancers, including central nervous system, ovarian and other solid tumors.

The company is also advancing its proprietary late stage photodynamic therapy (PDT) platform that holds promise as a localized cutaneous or visceral tumor treatment as well as in other potential indications.

Kintara Therapeutics shares were trading up 7.50% at $1.72 during the time of publication Monday. The stock has a 52-week high of $1.95 and a 52-week low of 38 cents.