TRACON Pharmaceutical (TCON): Trial Approval In Both The US and Europe - Stifel
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Stifel analyst, Thomas Schrader, reiterated his Buy rating on shares of Tracon Pharmaceuticals (NASDAQ: TCON) after the company announced that the U.S. and European regulatory agencies are in agreement with the company’s Phase III trial design of Votrient +/- TRC105 in angiosarcoma patients.
The trial is powered at 80% to detect an improvement in median progression free survival from 4.0 months to 7.3 months. The analyst believes it's likely TRC105 will achieve both FDA and EMA approval if the combination repeats its initial Phase 1b/2 performance during which five angiosarcoma patients showed an mPFS of >12.9 months (two responses are still ongoing). TRACON anticipates initiating the trial by YE16 and the analyst believes the trial could be fully enrolled within two years.
No change to the price target of $14.
Shares of Tracon Pharmaceuticals closed at $6.73 yesterday.
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