Repare Therapeutics Inc. RPTX, which is working to develop precision oncology therapies by leveraging synthetic lethal interactions in cancer, went public in June.
The Repare Analyst: Jeffrey Hung initiated coverage of Repare Theraupetics with an Overweight rating and $37 price target.
The Repare Approach: Repare is “developing drugs targeting one gene that is a synthetic lethal pair with another already mutated in cancer cells,” Hung said in the initiation note.
RP-3500, the company’s lead drug candidate, is expected to enter Phase 1/2 studies in the third quarter, the analyst said. Using their screening platform SNIPRx, Repare identified 19 additional (STEP2) genes in cancer that could be treated with RP-3500, he said.
This increased the treatable patient population from 2% to 10%, Hung said.
Repare’s SNIPRx screening platform “identifies novel targets,” which increases the upside potential for the stock.
RPTX Price Action: Shares of Repare Therapeutics ended Tuesday’s session down 3.33% at $23.21.
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