Stifel Is Bullish On This 'Competitive Late-Comer' In Gastric Cancer Space

  • Stifel has initiated coverage on Theseus Pharmaceuticals Inc THRX with a Buy rating and a $24 price target
  • The company's Predictive Resistance Assay was validated by Deciphera Pharmaceuticals Inc's DCPH INTRIGUE subgroup data published recently in January.
  • The analyst contends that data increases the likelihood that THE-630 achieves pan-KIT inhibition, adding that THE-630 is "competitive as a late-comer" based on better convenience and tolerability.
  • The analyst notes that THE-630 has a high clinical PoS and the ability to be a strong competitor in the estimated $1bn+ total addressable market for branded GIST drugs. 
  • Related: Analyst Bullish On Theseus Pharma's Platform For Gastric Cancer Therapies.
  • It expects peak sales of $450 million, primarily from the 2L GIST setting. 
  • Stifel analyst writes that THE-630 will likely achieve a panKIT profile in patients at the targeted clinical exposure, with a potential to beat Pfizer, Inc's PFE Sutent (sunitinib), the current standard of care, in a head-to-head 2L GIST trial on the regulatory endpoint of progression-free survival (PFS). 
  • Price Action: THRX shares are up 7.01% at $7.87 on the last check Thursday.
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