Oppenheimer Reiterates Bullish View on Pieris Pharmaceuticals (PIRS) Following CRI Presentation
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Oppenheimer analyst Michelle Gilson reiterated an Outperform rating and $10 price target on Pieris Pharmaceuticals (NASDAQ: PIRS) after the company presented a poster on its wholly-owned bispecific anticalin/mAb fusion protein PRS-343 (HER2xCD137), demonstrating in vivo efficacy compared to HER2 and CD137 (4-1BB) monocloanal antibodies. Pieris anticipates to initiate Phase 1 PRS-343 (HER2xCD137) in 1H17.
Gilson commented, "The presentation at CRI highlighted (1) the flexibility of the anticalin bispecific platform, (2) tumor localized increase in human TIL in vivo, (3) selectivity in T cell activation, leading to decreased peripheral T cell activation vs. 4-1BB mAb, and decreased mortality. We believe Pieris's approach may be differentiated in its safety and efficacy, as the HER2 mAb (trastuzumab) enhances efficacy with its anti-HER2 ADCC mechanism, while targeting CD137 engagement to the tumor microenvironmet."
Shares of Pieris Pharmaceuticals closed at $1.68 yesterday.
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