Five Prime Therapeutics (FPRX) Pipeline on Track, Leerink Says; PT to $58
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Leerink Partners analyst Michael Schmidt reiterated an Outperform rating and raised his price target on Five Prime Therapeutics (NASDAQ: FPRX) to $58.00 (from $45.00) following Q2 updated with the pipeline on track.
Schmidt commented, "We updating our estimates to reflect 2Q16 financial results and are maintaining our OP rating on FPRX shares despite the recent strong stock performance. FPRX has built a unique immuno-oncology (IO) antibody discovery platform, which combined with its scientific expertise has formed the basis of the company's pipeline as well as its partnerships. Lead product FPA008 (cabiralizumab, anti-CSF1R) is partnered with BMY (OP), and a broad Opdivo (anti-PD1) combination trial as well as a single agent study in PVNS is currently ongoing. FPRX is also developing FPA144, a FGFR2b-targeted antibody, which we think is differentiated from other FGFR inhibitors and represents an additional driver of upside. An update on cabiralizumab could be provided at FPRX's R&D Day on December 8th while FPA144 is expected to advance into PD1 combination trials and in addl. bladder and gastric cancer dose-expansion cohort. FPRX remains well capitalized and ended 2Q16 with ~$469M in cash and equivalents and guided to ending 2016 with ~$400M. We are updating our model to reflect 2Q16 results and we are increasing our PT to $58 (from $45). Reiterate OP."
Shares of Five Prime Therapeutics closed at $51.59 yesterday.
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