Purple Biotech's Assets Are First In Class For Solid Tumor Treatment: Wainwright

 

• HC Wainwright initiated coverage on Purple Biotech 
  PPBT+5.20%+ Free Alerts
   with a Buy rating and a price target of $7.
• The company is working on two assets for solid tumors. 
• CM24 is the company's CEAMCAM1 inhibitor for 2L pancreatic ductal adenocarcinoma (PDAC). The company ran a Phase 1 dose escalation study of CM24 + nivolumab in solid tumors. 
• There was one confirmed PR in a 3L PDAC patient who would not have been expected to respond to nivolumab given the patient was microsatellite instability stable (MSI-S). 
• NT219 is the company's dual IRS1/2 and STAT3 inhibitor for 2L squamous cell carcinoma of the head and neck (SCCHN). 
• The company is evaluating NT219 in a Phase 1/2 study as a monotherapy and combination with cetuximab (EGFR inhibitor) for EGFR-resistant 2L SCCHN.
• The analyst believes that both programs have demonstrated initial proof of concept, and the indications that the company is pursuing make strategic sense.
• HC Wainwright says that since both programs are distinct, it diversifies the pipeline for multiple opportunities for success. 
• Each data update could result in a significant stock move if positive in 2023. 

https://www.benzinga.com/general/biotech/22/10/29292976/purple-biotechs-assets-are-first-in-class-for-solid-tumor-treatment-analyst-says