Brean Capital Maintains Buy On Progenics Amid Positive Phase 2 Data For PSMA ADC In Pre Chemo Prostate Cancer
February 27, 2015 12:19 PM EDT by Jason Cohen, Editor in Exclusively Published • Healthcare • Insights
Well, he seemed to like the results; its a great validation and vote of confidence. Its not a full blow win here; but the therapy still has some strong potential in the right treatment groups. Also, Management was just issued Non qualified stock options on 3/2 and reported on form 4's on 3/4 (some sizeable share amounts). AZEDRA long term study results are good as well (Fast track status as well). I say..the stock grinds higher going forward.
In a research note released today, Brean Capital analyst Jonathan Aschoff reiterated a Buy rating on Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) with an $11 price target, after the company released the presentation of the full results from its Phase 2 clinical study of PSMA ADC in patients with metastatic castration-resistant prostate cancer (mCRPC).
Aschoff stated, “PSMA ADC elicited meaningful tumor responses, CTC improvements, and PSA reductions in both post-chemo and pre-chemo prostate cancer patients who failed Zytiga and/or Xtandi, with results being more robust in pre-chemo patients. Also, patients with high levels of PSMA expression and low levels of neuroendocrine responded better to PSMA ADC. Progenics identified 2.3mg/kg as the optimal dose given its better tolerability.”
Furthermore, “We believe positive Phase 2 results are robust enough to attract the attention of a partner to conduct a Phase 3 trial with PSMA ADC for pre-chemo mCRPC. The Phase 2 trial enrolled a total of 119 mCRPC patients who failed Zytiga and/or Xtandi, including 84 post-chemo and 35 pre-chemo patients, and we note that in addition to the efficacy, safety in chemo-naïve patients was the most favorable we have seen yet with PSMA ADC.”
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