Ignyta Inc's (RXDX) AACR Data Strengthens Entrectinib's Profile - Piper Jaffray
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Piper Jaffray analyst, Joshua Schimmer, noted that the importance of Ignyta's (NASDAQ: RXDX) additional data from the ongoing entrectinib Phase 1 ALKA and STARTRK studies at AACR. The data continue to highlight the clinical activity in solid tumors harboring TRK, ROS1, and to a lesser extent ALK mutations as well as a generally tolerable profile. With entrectinib currently in a registration-enabling basket trial, the data continue to give the analyst confidence in the outlook for the drug. No change to Overweight rating.
However, subsequent to the RXDX presentation, LOXO (not covered) presented its own Phase 1 data for an NTRK inhibitor, LOXO-101, which also looks potent and effective. The discussant of the presentations noted the drugs appear fairly similar (time will tell if any important differences emerge), which is a conclusion that should help fuel positive sentiment for RXDX given some investors' concerns that the LOXO data would appear superior.
RXDX remains a top pick with no change to the Overweight rating or $32 PT.
For an analyst ratings summary and ratings history on Ignyta, Inc click here. For more ratings news on Ignyta, Inc click here.
Shares of Ignyta, Inc closed at $8.11 yesterday.
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