Purple Biotech's Assets Are First In Class For Solid Tumor Treatment, Analyst Says

  • HC Wainwright initiated coverage on Purple Biotech PPBT with a Buy rating and a price target of $7.
  • The company is working on two assets for solid tumors. 
  • CM24 is the company's CEAMCAM1 inhibitor for 2L pancreatic ductal adenocarcinoma (PDAC). The company ran a Phase 1 dose escalation study of CM24 + nivolumab in solid tumors. 
  • There was one confirmed PR in a 3L PDAC patient who would not have been expected to respond to nivolumab given the patient was microsatellite instability stable (MSI-S). 
  • Related: This Small-Cap Cancer Stock Has Almost 400% Upside According To This Bullish Analyst.
  • NT219 is the company's dual IRS1/2 and STAT3 inhibitor for 2L squamous cell carcinoma of the head and neck (SCCHN). 
  • The company is evaluating NT219 in a Phase 1/2 study as a monotherapy and combination with cetuximab (EGFR inhibitor) for EGFR-resistant 2L SCCHN.
  • The analyst believes that both programs have demonstrated initial proof of concept, and the indications that the company is pursuing make strategic sense.
  • HC Wainwright says that since both programs are distinct, it diversifies the pipeline for multiple opportunities for success. 
  • Each data update could result in a significant stock move if positive in 2023. 
  • Price Action: PPBT shares are up 5.56% at $2.09 on the last check Monday.
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