Research house GECR has kept its 'buy' stance on drug discovery and development company e-Therapeutics (LON:ETX) and targets a price of 100 pence for the shares.
With four drugs now in pre-clinical development, the firm is growing momentum, says analyst Emanuil Manos Halicioglu.
It comes after earlier this month, the company started a second phase I clinical trial of its anti-cancer drug ETS2101 - less than three months after it began the first.
The company, which publishes its interims on October 22, said up to 45 patients with a variety of solid tumours will take part in the trial.
It will be at St James’s University Hospital in Leeds and the Northern Centre for Cancer Care at the Freeman Hospital in Newcastle.
Like the brain cancer study, the UK trial has a dose-escalating design, which means groups of patients will receive successively higher doses of the ETS2101.
Halicioglu said he expected final results from the trial during next year.
The analyst said that his risked net present value (NPV) for all four candidates with a 12.5 pct discount was $222 million, or 99.86 pence a share.
When general and administrative costs are taken away and current cash of 7.19 pence per share is added, a target price of 99.91 pence is reached.
He noted that he had been conservative with his assumptioons and saw room for "significant upside".
Shares in the firm closed today unchanged at 39 pence.