Purple Biotech's Assets Are First In Class For Solid Tumor Treatment, Analyst Says

HC Wainwright initiated coverage on Purple Biotech PPBT with a Buy rating and a price target of $7.
The company is working on two assets for solid tumors.
CM24 is the company's CEAMCAM1 inhibitor for 2L pancreatic ductal adenocarcinoma (PDAC). The company ran a Phase 1 dose escalation study of CM24 + nivolumab in solid tumors.
There was one confirmed PR in a 3L PDAC patient who would not have been expected to respond to nivolumab given the patient was microsatellite instability stable (MSI-S).
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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 a monotherapy and combination with cetuximab (EGFR inhibitor) for EGFR-resistant 2L SCCHN.
The analyst believes that both programs have demonstrated initial proof of concept, and the indications that the company is pursuing make strategic sense.
HC Wainwright says that since both programs are distinct, it diversifies the pipeline for multiple opportunities for success.
Each data update could result in a significant stock move if positive in 2023.
Price Action: PPBT shares are up 5.56% at $2.09 on the last check Monday.

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