Atossa Genetics (ATOS) PT Raised to $6 at H.C. Wainwright

H.C. Wainwright analyst Emily Bodnar raised the price target on Atossa Genetics (NASDAQ: ATOS) to $6.00 (from $4.00) while maintaining a Buy rating.

The analyst commented: "This morning, Atossa announced 1Q24 financial results and provided corporate updates. As a reminder, the I-SPY 2 study is focused on treating patients with newly diagnosed ER+ breast cancer prior to surgery, who are likely responsive to endocrine therapy. Full enrollment at ~41 sites across the U.S. was completed in February 2024. Z-endoxifen is being evaluated at a dosage of 10 mg daily for 24 weeks before surgery, with results anticipated in 2H24. Reducing tumor size before surgery is crucial because it may decrease the necessity for a mastectomy (complete removal of the breast) and potentially lower the cancer stage, thereby enhancing the likelihood of completely excising the tumor. Additionally, we believe data for tamoxifen from the IMPACT study evaluating anastrozole + ovarian function suppression (OFS) vs tamoxifen is a good bar for Z-endoxifen. The study demonstrated that anastrozole, when combined with OFS, led to a significantly greater reduction in the Ki-67 biomarker, which is commonly used to measure cell proliferation in breast cancer. Specifically, anastrozole achieved reductions of 76% at 2 weeks and 81.6% at 12 weeks, markedly higher than the reductions of 59.5% and 61.9% observed with tamoxifen during the same periods. In addition, the company recently announced that a new study arm in I-SPY 2 will initiate evaluating 40 mg daily of Z-endoxifen + 150 mg twice daily of abemaciclib (CDK4/6 inhibitor) in 20 patients with neoadjuvant ER+/HER2- breast cancer for 24 weeks prior to surgery. We believe the decision to use 40 mg in the combo arm was likely related to recent data at AACR from the EVANGELINE study evaluating 40 mg which demonstrated significant Ki-67 reduction and responses in two patients in a small cohort of seven patients. Reiterate Buy rating and raise PT to $6 from $4 based on lower operating expenses."

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