HC Wainwright Believes Ayala's Initial Cancer Data Is Encouraging

  • Ayala Pharmaceuticals Inc AYALA reported data from Part A of its Phase 2 (RINGSIDE) trial evaluating AL102 in patients with desmoid tumors on Tuesday. 
  • At 16 weeks, one of 13 patients treated with AL102 demonstrated an unconfirmed partial response, which HC Wainwright believes signals encouraging initial activity. 
  • HC Wainwright reiterated the Buy rating on the stock with a price target of $18.
  • The analyst says that Ayala's initial data is encouraging in the context of the clinical development landscape. 
  • Competitor SpringWorks Therapeutics Inc's SWTX nirogacestat hadn't yet shown any responses during the 16-week timeframe. 
  • HC Wainwright awaits data on 
    • Disease control rate (DCR), as nirogacestat has shown 100% DCR in the Phase 2 trial on desmoid tumors.
    • Longer-term data for AL102 benchmarked to the 29% (5/17) responses observed by approximately 28 months in SpringWorks' Phase 2 trial.
    • Median progression-free survival as SpringWorks Phase 3 trial demonstrated a 71% reduction in the risk of progression vs. placebo.
    • Breakdown in patients treated by each of three dose levels could add context to Ayala's unconfirmed response.
  • Price Action: AYLA shares are up 8.25% at $1.18 during the market session on the last check Wednesday.

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