Analyst Says Selecta Biosciences' Gout Candidate Can Potentially Raise The Bar On Several Fronts

  • Canaccord Genuity has increased the price target for Selecta Biosciences Inc SELB from $9 to $10 while maintaining the Buy rating ahead of the upcoming data from two Phase 3 studies of SEL-212 for chronic refractory gout.
  • The analyst expects positive top-line data in 1Q23 for SEL-212.
  • While many will likely compare the results to Horizon Therapeutics PLC's HZNP Krystexxa and the various immunomodulating combinations, Canaccord sees SEL-212 as a step ahead in the gout treatment paradigm. The once-a-month treatment sets it apart from Krystexxa. 
  • The analyst anticipates a 40-50% response rate at six months. SOBI has guided BLA submission 2H23. Both studies will measure the primary endpoint at six months, but DISSOLVE II also includes an additional 6-month follow-up.
  • SEL-12 previously demonstrated a 53% response rate vs. 46% in the Krystexxa arm at the combined 3- and 6-month time points. 
  • Most recently, Selecta Biosciences and Astellas Pharma Inc ALPMF ALPMY announced an exclusive licensing and development agreement for IdeXork (Xork) as a potential next-generation immunoglobulin G (IgG) protease.
  • Astellas will use the IgG with AT845, an investigational gene therapy for Pompe disease. 
  • Selecta is to receive a $10 million upfront payment and is eligible to receive up to $340 million for certain additional development and commercial milestones, plus royalties on commercial sales.
  • Price Action: SELB shares are up 0.21% at $1.76 on the last check Tuesday.
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