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Citi’s Robyn Karnauskas believes Five Prime Therapeutics Inc (NASDAQ: FPRX) has a trifecta of factors in its favor, including its “hot” immunoncology (I/O) target, a solid partner in Bristol-Myers Squibb Co (NYSE: BMY) and strong platform technology.
Karnauskas initiated coverage of Five Prime with a Buy rating and price target of $65.
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Multiple Catalysts
The analyst believes the company has “multiple shots on goal in various cancers,” as well as a promising lead drug in Cabiralizumab, compelling data from FPA144 in gastric cancer, which provides valuation support and “unique platform technology validated by multiple collaborations.”
Karnauskas said as combo data with Opdivo becomes available for Cabira in 2017, investors would be able to assign a higher value to the program and there could be potential upside of 35–65 percent to the stock valuation.
Cabira Potential
“All major I/O developers are testing checkpoint combos with CSF-1R and those data should also help validate mechanism” for Cabira, the analyst pointed out.
Karnauskas expects Cabira to achieve peak sales of $800 million, with upside due to the I/O opportunity.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.