Why Are Qualigen Therapeutics Shares Surging During Premarket Tuesday?

Qualigen Therapeutics Inc QLGN shares are trading higher after a Zack's Small Cap research note showed a $9 price target on the stock.
The report is based on a probability-adjusted DCF model that considers potential future revenues from QN-247 and RAS-F.
The Company is currently conducting IND-enabling studies for QN-247, targeted to treat acute myeloid leukemia, pancreatic cancer, or glioblastoma.
Additionally, the Company's RAS-F program is a family of protein-protein interaction inhibitors that could be effective in cancers with RAS mutations.
An IND for QN-247 is anticipated in 2H of 2022.
As of September 30, 2021, Qualigen held approximately $12.3 million in cash and cash equivalents, sufficient capital to fund operations into late 2022.
The report mentions that the sales of FastPack are starting to pick up and believes that trend will continue now that more individuals are heading back to the doctor for routine checkups.
The FastPack System is a proprietary diagnostics platform that consists of a single-use, disposable foil packet which includes the FastPack reagent chemistry.
Price Action: QLGN shares are up 84.8% at $2.31 during the premarket session on the last check Tuesday.

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