Turning Point Therapeutics Inc. (TPTX) PT Lowered to $53 at Stifel

Stifel analyst Bradley Canino lowered the price target on Turning Point Therapeutics Inc. (NASDAQ: TPTX) to $53.00 (from $75.00) while maintaining a Hold rating.

The analyst commented, "Following disappointing data updates for TPTX's two lead drugs at the Triple meeting (LINK), we are lowering our target price to $53 and reiterating our Hold rating. We reduced our estimates for repotrectinib (ROS1 inhibitor) after our hosted KOL call with two thoracic oncologists that suggested repotrectinib is more likely to be sequenced behind Roche's Rozlytrek for ROS1+ non-small cell lung cancer (NSCLC) given the relative safety profiles. We have also lowered our estimates for elzovantinib (MET inhibitor) in METex14 based on undifferentiated efficacy relative to the two incumbents and the initial lack of activity in TKI-pretreated patients. We also conducted further work on elzovantinib in MET altered cancers beyond lung cancer, and have not gathered sufficient evidence to add potential gastric cancer sales to the model."

You May Also Be Interested In

• UBS Downgrades DiaSorin SpA (DIA:IM) (DSRLF) to Sell
• Piper Sandler Starts Mercury Systems (MRCY) at Overweight
• Raymond James Downgrades On Holding AG (ONON) to Outperform