Shares of Phio Pharmaceuticals PHIO rallied 52.5% on Wednesday after the company announced that the Safety Monitoring Committee (SMC) has recommended dose escalation in an early-stage study of the company’s investigational skin cancer candidate, PH-762.

PH-762 is Phio Pharmaceuticals’ lead and only clinical-stage candidate, which is being developed leveraging its proprietary Intasyl siRNA gene silencing technology to eliminate cancer. The phase Ib dose escalation study is evaluating the safety and tolerability of neoadjuvant use of intratumoral PH-762 for cutaneous squamous cell carcinoma, melanoma or Merkel cell carcinoma.

The SMC’s decision allowing escalation to the next dose concentration was based on the favorable safety profile of the drug observed in the third cohort of the phase Ib study, which enrolled three patients with cutaneous squamous cell carcinoma. In these patients, injections were well tolerated, with no serious adverse events or dose-limiting toxicities. Pathology results assessing the efficacy of PH-762 in the third cohort are also expected soon.

Year to date, shares of Phio Pharmaceuticals have lost 14.4% compared with the industry’s 9.7% decline.

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PHIO’s Skin Cancer Drug Effective in Previous Dosing Cohorts

In earlier dosing cohorts, PH-762 demonstrated promising efficacy in patients with cutaneous carcinomas. Among the seven patients treated in the first two cohorts, four were diagnosed with cutaneous squamous cell carcinoma. Notably, in the second cohort, tumor excision at Day 36 revealed a complete response (100% tumor clearance) in two patients and a partial response (90% clearance) in another. Additionally, all three patients from cohort 1 and one from cohort 2 maintained stable disease.

Based on these results, management believes that PH-762 has the potential to become an effective non-surgical alternative to existing modes of therapy for skin cancer, subject to successful development.

Phio Pharmaceuticals also has another candidate, PH-894, in its pipeline, which is currently in the preclinical stage. PH-894, a BRD4 protein silencer, is also being developed utilizing the Intasyl siRNA gene silencing technology for various cancer indications. However, following a recent strategic reprioritization, the company has decided to focus on the development of PH-762 for skin cancers in the United States.

Phio Pharmaceuticals Corp. Price and Consensus

Phio Pharmaceuticals Corp. price-consensus-chart | Phio Pharmaceuticals Corp. Quote

PHIO Zacks Rank & Stocks to Consider

Phio Pharmaceuticals currently carries a Zacks Rank #3 (Hold). 

Some better-ranked stocks from the sector are Bayer BAYRY, Dynavax Technologies Corporation DVAX and ADMA Biologics ADMA, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here. 

In the past 30 days, estimates for Bayer’s earnings per share have increased from $1.17 to $1.19 for 2025. During the same time, earnings per share have increased from $1.27 to $1.28 for 2026. Year to date, shares of Bayer have gained 17.4%. 

BAYRY’s earnings matched estimates in two of the trailing three quarters while missing the same on the remaining occasion, the average negative surprise being 19.61%. 

In the past 30 days, estimates for Dynavax’s earnings per share have remained constant at 33 cents for 2025. During the same time, earnings per share have remained constant at 57 cents for 2026. Year to date, shares of DVAX have lost 5.8%. 

DVAX’s earnings beat estimates in three of the trailing four quarters while missing the same on the remaining occasion, the average surprise being 9.58%. 

In the past 30 days, the estimate for ADMA Biologics’ 2025 earnings per share has increased from 70 cents to 71 cents. The estimate for 2026 earnings per share has remained constant at 93 cents. Year to date, shares of ADMA Biologics have gained 13.1%. 

ADMA’s earnings beat estimates in three of the trailing four quarters and missed once, delivering an average surprise of 32.8%. 

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