Piper Remains Neutral on CTI BioPharma (CTIC) Update Top-Line PERSIST-2 Data
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Piper Jaffray affirms CTI BioPharma Corp. (Nasdaq: CTIC) with a Neutral rating and $0.75 price target after CTIC announced positive top-line results from PERSIST-2, a randomized, controlled Phase 3 clinical trial comparing pacritinib, an investigational oral multikinase inhibitor, with physician-specified best available therapy (BAT), including ruxolitinib, for the treatment of patients with myelofibrosis whose platelet counts are less than 100,000 per microliter.
Analyst Charles C. Duncan commented today,
Important from a safety perspective, there were no differences in the rate of bleeding, cardiac or mortality events between treatment arms. Together with PERSIST-1, today’s results suggest pacritinib is active in this high-risk subgroup and may provide greater clinical benefit than the current SOC.
That said, the program remains on clinical hold as regulators haven't yet resolved concerns about mortality events observed in both Phase IIIs. We continue to believe it’s possible the program can turn around, but visibility on timing and requirement of any additional trials remains low. In advance of updates on the clinical/regulatory path forward, we reiterate Neutral.
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Related EntitiesPiper Jaffray, Charles Duncan
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