- HC Wainwright initiated reporting Purple Biotech PPBT with purchase recommendation and a target price of $7.
- The company is working on two solid tumor facilities.
- CM24 is the company’s CEAMCAM1 inhibitor for 2L pancreatic ductal adenocarcinoma (PDAC). The company conducted a phase 1 dose escalation study of CM24 + nivolumab in solid tumors.
- There was a confirmed PR in a 3L PDAC patient who would not have been expected to respond to nivolumab as the patient was in stable microsatellite instability (MSI-S).
- Related: This small-cap cancer stock has nearly 400% upside potential, 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 monotherapy and in combination with cetuximab (EGFR inhibitor) for EGFR-resistant 2L-SCCHN.
- The analyst believes that both programs have delivered initial proof of concept and the leads the company is pursuing make strategic sense.
- HC Wainwright says that since both programs are different, the pipeline will be diversified for multiple chances of success.
- Any data update could result in significant stock movement if positive in 2023.
- Price promotion: PPBT shares are up 5.56% to $2.09 on Monday’s latest check.
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