Why EvoGene Ltd [EVGN] Is Likely to keep gaining all through 2020 – News Heater
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Why EvoGene Ltd [EVGN] Is Likely to keep gaining all through 2020

EvoGene Ltd [NASDAQ:EVGN] has been performing well all through the month and looks set for more gains short-term. From its price action on Friday, the stock is in a new wave of gain after making a higher low on Friday.

Volumes are on the rise too, an indicator that bullish momentum is quite strong on this stock. This price action is likely to keep drawing in buyers especially now when most stocks are volatile and with no defined direction. Over and above price action speculation, there are a number of fundamental factors that point to a sustained uptrend for this stock. Some of the key fundamental factors likely to play into this stocks upside momentum are as below:

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The company is well capitalized

EvoGene is well capitalized to execute its plans in the near-term. At the start of the month, the company announced that it had entered into an agreement with ARK  Investment Management LLC and Alpha Capital; Anstalt  for a direct offering of $10 million worth of shares at a cost of $1.70 per share. At the time, the company stated that it would use the money to fund the development of its subsidiary product lines. It also announced that it would use the money to grow its computational biology platform, and for working capital purposes. 

Since all the things the company announced it would do add directly to its intrinsic value, the same is likely to reflect in the share price in the near-term, hence the continuation of the upside price momentum that the stock is experiencing at the moment. 

Positive results from immuno-oncology program

Earlier in the month, this company announced that it had recorded positive pre-clinical results from its immune-oncology program. The company stated that its drug candidate called BMC128 when used together with immune checkpoint inhibitors led to an improvement in tumors. 

The company also announced that proof-of-concept first-in-man analysis would be done in 2021. Commenting on the development, Bioimica (EvoGene) subsidiary CEO stated that, they were happy with the results, as they showed potential in improving the type of care that cancer patients receive when being treated with immunotherapy.

He added that the company was looking forward to giving updates as the first-in-human clinical trials start next year. The anticipation of the first in human trials is likely to keep investor interest in this stock high through the year. Positive results from the trails would see the stock gain even more upside momentum for the better part of next year. 

About EvoGene Ltd [NASDAQ: EVGN]

EvoGene Ltd is a computational biology organization. It is based in Rehovot, Israel. 

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