ARIAD Pharma (ARIA): Abstract Release Offers Insight Into brigatinib - Leerink
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Leerink Partners analyst, Michael Schmidt, reiterated his Outperform on ARIAD Pharmaceuticals (NASDAQ: ARIA) after abstracts were published for presentations that will be held at the World Conference on Lung Cancer (WCLC) from Dec. 4-7.
ARIA will provide incremental updates from brigatinib Ph I/II and pivotal Ph II ALTA trials in ALK+ NSCLC (non-small cell lung cancer) patients previously treated with crizotinib, including a further improved progression-free survival (PFS) reported in the pivotal ALTA trial. In addition, updates from other ALK inhibitors, including Roche's alectinib and NVS' (MP) ceritinib, reaffirm the thesis that brigatinib is a differentiated ALK inhibitor given its long PFS, strong CNS activity, and ability to inhibit most known ALK resistance mutations. Street expectations for brigatinib remain modest, given its late market entry in ALK+ NSCLC following 2nd-gen TKI product launches by NVS and Roche.
The analyst believes a growing target market and best-in-class product profile provides good conditions for brigatinib to capture market share in ALK+ NSCLC upon potential launch (PDUFA Apr. 29, 2017). The analyst stated "our thesis (is) that Iclusig will deliver above consensus sales growth while Street expectations for the company's pipeline products including brigatinib and AP32788 are low".
No change to the price target of $80.
Shares of ARIAD Pharmaceuticals closed at $12.87 yesterday.
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