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Leerink: Time To Buy Aquinox Pharma

Leerink: Time To Buy Aquinox Pharma
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  • Aquinox Pharmaceuticals Inc (NASDAQ: AQXP) shares have jumped 145 percent year-to-date.
  • Leerink’s Paul Matteis initiated coverage of the company with an Outperform rating and a price target of $26.
  • Encouraging Phase II results of the company’s lead product and BPS unmet need support a favorable risk/reward, Matteis said.

The clinical utility of Aquinox Pharmaceuticals’ lead product AQX-1125, a SHIP1 activator, is being studied in Bladder Pain Syndrome [BPS] or Interstitial Cystitis [IC] as well as several other inflammatory diseases. The company has already registered encouraging Phase II data for AQX-1125, and is now advancing into a Phase III study, analyst Paul Matteis said.

“Recent Phase II '1125 BPS/IC study showed a very strong primary endpoint trend and a stat. sig. benefit on a battery of secondary endpoints, one of which (max daily pain) we believe is likely to serve as the primary efficacy measure in Phase III,” Matteis wrote.

In the report Leerink noted, “While not specific to BPS/IC, recent FDA analgesic indication guidelines support use of maximum daily pain as a registrational endpoint, on which AQX-1125 generated a more robust benefit (p=.03) in Phase II.”

Matteis believes that AQX-1125 may easily exceed the sales of Elmiron, the only currently approved oral product for BPS/IC, if its late stage studies succeed and the company gets FDA approval.

The company plans to hold an R&D day on October 7, besides holding an end-of-Phase II meeting with the FDA in 4Q15. Matteis added that Aquinox Pharmaceuticals is conducting a Phase II study of '1125 in Atopic Dermatitis.

Latest Ratings for AQXP

Dec 2016Cantor FitzgeraldInitiates Coverage OnOverweight
Oct 2016Leerink SwannAssumesOutperform
Aug 2016JefferiesMaintainsHold

View More Analyst Ratings for AQXP
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