- 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.
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