BiomX Inc. PHGE shares are trading higher Wednesday after the company announced it
has entered into a definitive merger agreement with Adaptive Phage Therapeutics, Inc.
Key Developments:
The acquisition is expected to close within the next 30 days, subject to the satisfaction
of the closing conditions. Concurrently with entering into the definitive merger agreement, BiomX entered into
a definitive purchase agreement for the sale of shares of newly created non-voting convertible preferred stock
and warrants expected to result in gross proceeds to BiomX of $50 million.
BiomX will use the proceeds from the private placement to provide funding through the
results from a planned Phase 2b trial that will evaluate BiomX’s lead product candidate, BX004 and Phase 2 results
from APT’s clinical-stage product candidate, now named BX211.
“Today’s announcement sends a clear vote of confidence from leading biotechnology investors who led
this transaction that phage technology holds significant potential to treat serious infections with significant
unmet need and limited treatment options,” said Jonathan Solomon, CEO of BiomX.
“In the case of CF, BX004 has the potential to improve lung function in patients with chronic and potentially deadly
pulmonary infections,” Solomon added.
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Analyzing the PHGE Stock Forecast for 2024:
Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation
and forecasting. However, many in trading turn to technical analysis as a way to form predictive models for share price
trajectory.
Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at
BiomX, an investor could make an assessment about a stock’s long term prospects using a moving average and trend line. If they
believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend
into the future using a trend line. For BiomX, the 200-day moving average sits at $0.33, according to Benzinga Pro, which is below
the current price of $0.72.
Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a
more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if
conditions remain stable.
PHGE Price Action: According to Benzinga Pro, BiomX shares are up 223% at 74 cents at the time of publication.
Image: Steve Buissine from Pixabay