BTIG Bullish On Aerovate As Competitor Data Reinforce Lead Program Thesis
- BTIG upgraded Aerovate Therapeutics Inc from Neutral to Buy with a price target of $27.
- The analyst writes that to Aerovate's benefit, Gossamer Bio Inc's TORREY Phase 2 results validated dry powder inhaled (DPI)-administered TKIs in pulmonary arterial hypertension (PAH) as a safe and technically viable approach.
- But Gossamer's DPI seralutinib does not look like a competitive disease-modifying therapy in PAH, with a PVR reduction of only 14% in the overall study population and 21% in FC III pts (p=.04).
- BTIG says the results likely do not put pressure on the AV-101 opportunity at this time.
- Oral imatinib (the AV-101 API) was previously shown in a Phase 3 study that showed a 32% reduction, and 0.7mg/kg sotatercept in Phase 2 showed a 34% PVR reduction.
- AVTE expects to complete enrollment in their Phase 2b trial of AV-101 in PAH in mid-2023 and data in 4Q23 or 1Q24.
- By design, there is a seamless transition from Phase 2b to 3 in AVTE's IMPAHCT trial, so the analyst does not expect GOSS to have a material timeline advantage as GOSS is not initiating Phase 3 until 2H23.
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