Stifel Starts Theseus Pharmaceuticals Inc. (THRX) at Buy

Stifel analyst Bradley Canino initiates coverage on Theseus Pharmaceuticals Inc. (NASDAQ: THRX) with a Buy rating and a price target of $24.00.

The analyst comments "We are initiating coverage with a Buy rating and a $24/share target price. We believe THRX’s Predictive Resistance Assay (PRA) was validated by Deciphera’s INTRIGUE subgroup data published recently in January 2023, and think that increases the likelihood that THE-630 achieves pan-KIT inhibition. This year, interim (2Q23) and full (4Q23) dose-escalation data should confirm such profile. We also continue to believe data from GIST trials support the thesis that a pan-KIT inhibitor will increase PFS in 2L GIST versus sunitinib, which could drive the branded drug market in that treatment setting to ~$1bn. We see these data also supporting Cogent's bezuclastinib/sunitinib 2L GIST combination, which will definitively establish if a pan-KIT therapy can beat sunitinib in ~2025, which helps the THRX risk/reward. We expect THE-630 to be competitive as a late-comer (~2029 vs. ~2026) based on better convenience and tolerability, which increases the importance of its initial 2023 safety data."

For an analyst ratings summary and ratings history on Theseus Pharmaceuticals Inc. click here. For more ratings news on Theseus Pharmaceuticals Inc. click here.

Shares of Theseus Pharmaceuticals Inc. closed at $7.81 yesterday.

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