Roth Capital Affirms Pieris Pharma (PIRS) at 'Buy' Following Positive PRS-343 Data
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Roth Capital affirms Pieris Pharmaceuticals, Inc. (NASDAQ: PIRS) at Buy with a price target of $6 after the company announced that it presented new preclinical data demonstrating in vivo efficacy of its lead 4-1BB (CD137)-based bispecific cancer immunotherapeutic drug candidate, PRS-343.
Analyst Joseph Pantginis commented,
We believe that the results presented today are encouraging and that they build a strong data based foundation for the idea that tumor localized co-stimulatory T cell activation by the bispecific PRS-343 may 1) lead to higher efficacy, and 2) result in reduced systemic toxicity relative to an anti-4-1BB mAb. This foundation, which is the basis for the Phase I trial to be initiated in 1H17, in combination with its manufacturing profile, are critical factors that will weigh in for the potential success of PRS-343, in our belief.
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