- Chardan has initiated coverage on Oncorus Inc ONCR with a Buy rating and a price target of $5.
- The analysts based it on the company's commercial potential with its lead oncolytic virus immunotherapy ONCR-177 from its HSV platform.
- Oncorus' HSV platform utilizes the herpes simplex virus (HSV) type 1 backbone that incorporates more transgenes, retains the ability to replicate in tumor cells, and has orthogonal safety strategies to attenuate viral replication in healthy tissues.
- Related: Why Did Oncorus Shares Slump To 52-Week Low Today?
- The company's lead program, ONCR-177, is being evaluated as a monotherapy and combined with Merck & Co Inc's MRK Keytruda in an ongoing phase I study for solid tumors.
- Chardan notes that treatment in the monotherapy arm was "well tolerated with no dose-limiting toxicities," and the recommended phase 2 dose was determined as 4e8 PFU/dose in 4 mL.
- The analyst projects an initial product launch for the program in 2026. Using a probability of success of 25% for the program, Chardan estimates ONCR-177 netting ~$230 million in probability-adjusted global sales in 2030.
- Price Action: ONCR shares are down 3.40% at $1.57 during the market session on the last check Wednesday.
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