- During the European Hematology Association (EHA) conference, Forma Therapeutics Holdings Inc FMTX presented updated results from the 12-week open-label extension (OLE) of etavopivat's Phase 1 trial in sickle cell disease.
- Treatment with etavopivat 400mg QD elicited a >1g/dL hemoglobin (Hb) increase in 73% of the 15 patients and an average maximal Hb increase of 1.5 g/dL across the entire cohort.
- Considering OLE data and management's guidance on the first interim analysis of etavopivat efficacy in sickle cell disease in the Phase 2/3 trial, the analysts view current share price levels as an attractive entry point for investors.
- They have reiterated the Buy rating with a price target of $53.
- HC Wainwright notes that RBC analysis shows that treated patients' RBCs also exhibited a statistically significant improvement in deformability and markers of inflammation, hypercoagulability, and tissue hypoxia.
- "Given these changes, we find it unsurprising that treatment with etavopivat was associated with a 68% decrease in the annualized vasoocclusive crisis (VOC) rate relative to the patient's historical annualized VOC rate (0.30 vs. 0.93, respectively)," HC Wainwright wrote.
- The analysts acknowledge the small sample size but believe these results demonstrate etavopivat's ability to improve Hb levels and reduce VOCs.
- It writes that there is no FDA-approved treatment for sickle cell disease that improves Hb levels and reduces the VOC rate.
- Price Action: FMTX shares are down 7.13% at $5.21 during the market session on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
