Adagene Inc (ADAG) PT Raised to $5 at Morgan Stanley

Morgan Stanley analyst Matthew Harrison raised the price target on Adagene Inc (NASDAQ: ADAG) to $5.00 (from $4.60) while maintaining a Overweight rating.

The analyst comments "Encouraged by the expanded therapeutic index of ADG126 and 2 reported cPRs (22% ORR) in the difficult to treat microsatellite-stable (MSS) colorectal cancer (CRC). We recently hosted an academic oncologist (link HERE) who noted continued interest in masking technology, while highlighted the potential need to activate T cells in both the draining lymph nodes and tumor microenvironment. Outstanding questions include the number of patients with peritoneal/liver metastases enrolled in ADAG's Ph2 dose expansion cohort given minimal activity in this patient population and the initial safety data with the 20 mg/kg loading dose. (2) Catalysts: Plan to report follow up data from Part 1 of the Ph1b/2 trial and initial data from Part 2. Initial safety data from the 20 mg/kg loading dose study. (3) Read-through: (1) Agenus (not covered) plans to file a BLA for botensilimab (anti-CTLA-4) +/- balstilimab (antiPD-1) in 2/3L+ metastatic MSS CRC (no active liver mets) in mid-2024 and report Ph2 data in 2H24. (2) Xilio (covered by Mike Ulz) is testing XTX101 (anti-CTLA-4) and remain on-track to report the following updates: i) identifying a RP2D for XTX101 in combination with atezolizumab (anti-PD-L1) in 2Q24, ii) initiating a Ph2 PoC atezolizumab combination trial in MSS CRC in 3Q24, and iii) providing initial Ph2 combination data (n=~20) in 4Q24. (3) We also note that BioNTech (covered by Terence Flynn) is testing their own anti-CTLA-4, BNT316/ONC-392 (gotistobart), and plan to advance this program to a Ph3 trial in patients with immunotherapy resistant NSCLC."

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