Credit Suisse on Prometheus (RXDX): 'Roivant’s Ph2b UC Results Support Anti-TL1A Approach; Prometheus’ PRA023 Maintains Best-in-Class Profile'

Credit Suisse analyst Martin Auster reiterated an Outperform rating and $142.00 price target on Prometheus Biosciences Inc (NASDAQ: RXDX)

The analyst comments "RVT-3101 Ph2b TUSCANY Results in UC: This morning, Roivant announced Ph2b data for its anti-TL1A, RVT-3101 (fka PF-06480605). Placebo-adjusted clinical remission (CR) across all doses evaluated (50mg, 250mg, and 450mg) was 21% (32% ‘3101 vs. 12% pbo) in all patients and 27% (37% ‘3101 vs. 10% pbo) in biomarker positive patients (estimated to be ~60% of addressable population). At the expected Ph3 dose (not yet disclosed), placebo-adjusted CR was similar at 20% (31% ‘3101 vs. 12% pbo) in allcomers and 30% (40% ‘3101 vs. 10% pbo) in biomarker positive patients. This compares to RXDX’s PRA023, which demonstrated high placebo-adjusted CR of 25% (27% PRA023 vs. 2% pbo) in all-comers and 37.5% in CDx+ patients (estimated to be ~30% of addressable population). Additionally, we note the placebo-adjusted results favor PRA023 despite shorter 12-week data (vs. 14-week for ‘3101) and worse baseline characteristics (by mayo endoscopy score and use of prior therapies). Both therapies were well tolerated and supported the favorable safety for the TL1A class, though we note ‘3101 resulted in a meaningfully higher ADA rate of 46% (and 10% neutralizing antibody) vs. 10% for PRA023 (no impact of immunogenicity on clinical efficacy or safety results). Overall, we believe PRA023 continues to remain well positioned as the potential best-in-class antiTL1A, notably with superior placebo-adjusted efficacy and formulation/dosing (~80% bioavailability at 200 mg/mL for PRA023 vs. ~45% bioavailability at 100 mg/mL for ‘3101)."

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Shares of Prometheus Biosciences Inc closed at $106.60 yesterday.

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