Since its inception, AWAKN Life Sciences Corp (NEO: AWKN) (OTCQB: AWKNF) has been researching, developing and commercializing therapeutics to treat substance and behavioral addictions. As of now, the company is sharpening its focus on Alcohol Use Disorder (AUD) - a condition affecting 400 million people around the world and remains extremely under treated with low efficacy when it is treated.
Given the compelling valuation of Awakn at current levels, Patrick Trucchio from H.C. Wainwright reiterated a Buy rating on Awakn Life Sciences as of June 30th, despite AWKNF closing at its 52-week low of $.35 last Wednesday or $.45 under its Canadian ticker AWKN, analysts have maintained their price target of USD $10 for this promising biotech stock.
The MDMA and ketamine-assisted therapy in AUD that Awakn is developing - along with its strategy to commercialize its R&D pipeline across multiple channels - could position the company for lucrative gains in the near future. In terms of its financials, Awakn ended F1Q23 with cash and investments valued at C$2.8 million - an increase from the previous estimate of C$1.5 million for the same period.
Following a steep downfall, along with many equities over the last several months, Awakn is now bouncing from its support at $.50 cents and is showing a lot of strength as investors accumulate shares in light of recent news which continues to push AWKN higher, closing the day up 15.25% at $.68 cents per share on increased volume!
On Tuesday morning, Awakn announced that the company has secured funding from Innovate UK, the United Kingdom’s national innovative agency that supports state-of-the-art businesses grow through developmental and commercialisation of new products and services. AWKN will use the funding to partner with Veristat, a global Clinical Research Organization. Together, both companies will further identify the most cost-effective and fastest route to market for AWKN’s lead program ketamine-assisted therapy for AUD in both the UK and the US.
The CEO of AWKN Mr. Anthony Tennyson stated “Securing these funds from Innovate UK is a major endorsement of our efforts and approach to developing new and effective treatments for addictions. Our Lead program has all the right components to make a lasting difference for the very significant number of people who are suffering from AUD”.
With a market cap of only ~$18 million, an incredibly low float of 13.45 million free trading shares and several upcoming catalysts, Awakn could see a major run-up back over $1.00 very soon. Considering these indicators and solid developments, Awakn is shaping up to be a potentially profitable investment for those looking to start a position or double down, with a risk-reward ratio that is skewed towards a buy.
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