Analyst Casts Doubts On Merus' Lung Candidate Safety Profile

Earlier today, Merus N.V. MRUS announced the publication of the abstract highlighting interim data from the ongoing phase 1/2 trial of the bispecific antibody MCLA-129 in advanced non-small cell lung cancer (NSCLC) and other solid tumors.
Needham says that the first clinical data readout from MCLA-129 suggests that the drug has a clinical profile comparable to Johnson & Johnson's JNJ Rybrevant (amivantamab).
The analyst keeps the Buy rating and a price target of $45.
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While available data are limited efficacy appears to be comparable, and MCLA-129 saw one ≥ Grade 3 infusion-related reaction, whereas the analyst had not seen any with amivantamab at the WCLC 2018 update.
13 patients were evaluable for response with preliminary signs of anti-tumor activity observed, including two partial responses (one confirmed) in EGFR mt NSCLC and four confirmed stable disease.
The analyst says that while expectations for MCLA-129 have come down, with the stock down ~20% over the past month, investors were looking for a competitive clinical profile.
Price Action: MRUS shares are up 1.71% at $19.66 on the last check Wednesday.

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