Lantheus Downgraded Due To Reliance On PNT2002; Analyst Cites Comparable Profile To Novartis' Drug

Monday, Lantheus Holdings Inc LNTH and POINT Biopharma Global Inc PNT reported topline data from pivotal Phase 3 SPLASH trial of 177Lu-PNT2002 in metastatic castration-resistant prostate cancer after progression on an androgen receptor pathway inhibitor (ARPI).

William Bliar writes that sharing the same survival trend as Novartis AG's NVS Pluvicto effectively removes a potential bull thesis in which PNT2002 could potentially be on the market before Pluvicto in the disease setting.

The analyst also notes that since Pluvicto demonstrated a numerically lower frequency of high-grade adverse events versus alternate novel hormone therapy in PSMAfore, the safety profile is not as materially differentiated as Pluvicto in PSMAfore.

The analyst downgraded Lantheus shares to Market Perform, noting the previous bull thesis relied heavily on PNT2002, demonstrating a clinically comparable profile relative to Pluvicto.

William Blair anticipates comprehensive results in an upcoming conference and acknowledges the limitations of comparing trials. An initial review of the SPLASH data indicates a clinical profile for PNT2002 that falls short in competitiveness.

The assessment suggests that the effectiveness of the PNT2002 treatment regimen is likely less robust than that of Pluvicto. Furthermore, the tolerability profile does not display significant advantages.

Consequently, the analyst highlights disappointment with the 9.5-month median radiographic PFS of PNT2002 and the associated hazard ratio of 0.71. In comparison, the control arm achieved 6.0 months, slightly surpassing the anticipated 5.0 months. These outcomes present a complex situation for Lantheus to identify a specific clinical scenario where PNT2002 is preferred or, at the very least, offers a reasonable alternative to Pluvicto.

Price Action: LNTH shares are up 6.12% at $59.00 on the last check Tuesday.