BioCryst Pharmaceuticals, Inc. (BCRX) shares are edging higher in early trading on Wednesday following news that $4.1 million additional National Institute of Allergy and Infectious Diseases [NIAID] funding will be given to the company to advance development of BCX4430 to treat hemorrhagic fever virus diseases.
BioCryst also announced that NIAID has exercised additional options to conduct Phase 1 clinical human safety trials of an intramuscular formulation of BCX4430, as well as efficacy studies in non-human primates to assess effective dose ranges and dose schedules. NIAID granted a contract to BioCryst in September 2013 valued up to $22.0 million over five years, if all contract options are exercised. With these two additional options, approximately $13.5 million of funding has been awarded to date under the contract.
“The ongoing Ebola epidemic in West Africa emphasizes the urgent need for safe and effective antiviral agents for hemorrhagic fever virus diseases. With these additional funds, BioCryst can move forward with important non-human primate efficacy studies, an IND filing, and Phase 1 human trials of intramuscular BCX4430,” Dr. William P. Sheridan, Chief Medical Officer at BioCryst said in a statement.
BioCryst Pharma shares closed at $13.39 on Tuesday and are currently trading up 2.46 percent/$13.72. Ticker, which has an average 3-month trading volume of 1.42 million shares, trade at a P/E to growth ratio of -2.27. Price/Sales for the last 4 quarters registers at 53.74 while EPS is at (-$0.62). The median Wall Street price target on BCRX is $17.00 with a high target of $24.00.
Over the last 52 weeks, BCRX has been trading between $4.55 and $13.65. More recently in the last 4 weeks, the stock has been trading between $12.10 and $12.90. Shares are up 149.27% y/y, and 80.39% year-to-date.
BioCryst Pharmaceuticals, Inc., is a biotech company, which designs and develops small molecule pharmaceuticals that block key enzymes involved in the pathogenesis of diseases. The firm was founded in 1986 and is headquartered in Durham, North Carolina.