As reported earlier, Maxim analyst Jason McCarthy initiated Moleculin Biotech with a Buy rating and a price target of $3. The analyst cites the company's three differentiated cancer programs - STAT3 inhibition in brain tumors with WP1066, chemotherapy with Annamycin in leukemia patients, and the WP1122 targeting of cancer metabolism by slowing its progression through starving it of glucose. McCarthy is hopeful that Moleculin's ongoing and upcoming trials, followed by their data readouts, demonstrate proof-of-concept in these indications and generate catalysts for the stock's higher valuation.

Moleculin Biotech announced that the European Medicines Agency has granted Orphan Drug Designation to Annamycin for the treatment of AML.