Encouraging Early Data For Biotech's Cancer Therapies

(MENAFN- Investor Ideas) In a recent corporate update, Purple Biotech Ltd. reported positive interim Phase 1/2 data for NT219 and accelerated enrollment for CM24, noted H.C. Wainwright analyst Emily Bodnar.

Purple Biotech Ltd. (PPBT:NASDAQ) provided corporate and pipeline updates, including positive interim Phase 1/2 data for NT219 and accelerated enrollment for CM24, noted H.C. Wainwright analyst Emily Bodnar in a November 21 research report.

The analyst has a Buy rating and raised his price target from US$9 to US$10 on Purple Biotech.

Initial Efficacy Seen With NT219 Combination According to Selvaraju, four out of 22 patients treated with NT219 plus cetuximab at the 50 mg/kg dose achieved a partial response, including patients with head and neck and pancreatic cancers. An additional two patients saw tumor shrinkage on NT219 alone.

This early efficacy is encouraging, and supports continued late-stage development. A Phase 2 trial could start in 2023.

CM24 Phase 2 Enrolling Quickly, Data Upcoming

Purple Biotech's Phase 2 CM24 trial added to ivy gemcitabine/nab-paclitaxel in pancreatic cancer is enrolling faster than expected.

The analyst anticipates interim data in mid-2023 and topline Phase 2 results in late 2023. If successful, the data could support accelerated CM24 approval.

3Q Financials

The company used US$5.7 million in operating cash flow in Q3 2023 and ended the quarter with US$15.1 million in cash, funding operations into mid-2024.

H.C. Wainwright forecasts a full year 2023 cash burn of US$20.4 million.

Pipeline Candidates Support Upside

The firm's new US$10 price target on Purple Biotech implies over 200% upside, based on a discounted cash flow model for CM24 and NT219 applied to the pancreatic and head and neck cancer opportunities.

In summary, the analyst believes the encouraging efficacy signals combined with upcoming catalysts position Purple Biotech for a significant upside from current levels.


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