- Chardan Research initiated reporting from Purple Biotech PPBT with a buy rating and a price target of $11/share.
- The analyst is bullish on the company’s two clinical programs:
- Anti-CEACAM1 monoclonal antibody CM24 for pancreatic ductal adenocarcinoma (PDAC).
- The company’s insulin receptor 1/2 substrate NT219 and STAT3 dual inhibitor small molecule substrate are initially being developed for the treatment of head and neck squamous cell carcinoma (HNSCC).
- Both programs have demonstrated supportive clinical safety and early signs of clinical activity to support further investigation.
- The company expects multiple data reads from its programs over the next 12 months, which could de-risk its development candidates.
- Chardan forecasts that the CM24 and NT219 will hit the US market in 2027 and generate probability-adjusted global sales of US$147 million and US$61.7 million, respectively, in 2030e.
- Price promotion: PPBT shares are down 5.29% to $2.15 on the last check Thursday.
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