Deciphera Earns Price Target Bump With Encouraging ESMO Presentation

  • Deciphera Pharmaceuticals Inc DCPH announced positive initial data from the single agent dose escalation portion of the Phase 1 study of DCC-3116 in advanced or metastatic tumors with a mutant RAS or RAF gene. 
  • Fourteen patients were evaluable for response; the best overall response was stable disease and the disease control rate at week 16 was 29%.
  • HC Wainwright believes the data sets up the potential for future positive data in combination with multiple small molecule targeted therapies. 
  • The analyst reiterates the Buy rating and increases the price target to $25 from $20.
  • "While no CRs or PRs were reported in the study which enrolled colorectal pancreas and other cancer types (with most patients harboring KRAS mutations (83%) over BRAF mutation (17%), we note to investors that this should not be a deterrent to the mechanism, given that ULK signaling in down stream of from the MAPK pathway and PI3K pathway," the analyst writes.
  • During the ESMO data presentation, Deciphera's KOL was confident of the overall safety profile and noted that the Grade 3 ALT TEAEs, which led to dose interruption and reduction, were reversible and asymptomatic. 
  • The company also shared updated results from the ongoing Phase 1/2 study of vimseltinib for tenosynovial giant cell tumor (TGCT) not amenable to surgery. 
  • Data exhibited an objective response rate of 69% in Phase 1, 53% in Phase 2 Cohort A, and 46% in Phase 2 Cohort B.
  • The data demonstrated a clinical benefit rate of 100% across all Phase 1/2 patients.
  • Price Action: DCPH shares are up 10.79% at $20.03 on the last check Monday.
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