Briacell Therapeutics (BCTX) PT Raised to $32 at H.C. Wainwright

H.C. Wainwright analyst Emily Bodnar raised the price target on Briacell Therapeutics (NASDAQ: BCTX) to $32.00 (from $15.00) while maintaining a Buy rating.

The analyst commented: "BriaCell announced on February 3 that the first patient treated in the Phase 1 trial evaluating Bria-OTS, the company's second-generation immunotherapy approach following Bria-IMT, for the treatment of metastatic breast cancer had resolution of a lung metastasis. Bria-OTS was genetically engineered to include 15 HLA types, which could potentially match 99% of the breast cancer population. Patients are HLA matched prior to receiving treatment, making this treatment "personalized" relative to Bria-IMT, where patients are matched after enrollment and ~70% of breast cancer patients are considered HLA matches. The company dosed the first patient on Nov 21, 2024, and the patient is a 78-year-old woman with HR+/HER2- metastatic breast cancer. The patient had failed several prior lines of therapy and received the lowest dose in the Phase 1/2a dose escalation study. At study enrollment, the patient had extensive mets including multiple bone, lymph node and lung mets. After two months on treatment (dosing every 2 weeks), the patient had complete resolution of the lung met and had stable disease in other mets and organ areas. We highlight that the Phase 1 portion of the trial is evaluating Bria-OTS as a monotherapy, with plans to later combine with checkpoint inhibitors (CPIs) such as BeiGene's (ONC; not rated) tislelizumab, which will be manufactured and supplied by BeiGene. The approach of combining with CPIs is currently being evaluated with Bria-IMT in the company's ongoing Phase 3 trial. We believe today's positive news indicates that Bria-OTS is effective even at low doses and as a monotherapy, which provides quick POC of the personalized approach to treatment. We believe that with increased doses and combo approaches, additional disease improvement and potential responders are likely to be observed. Reiterate Buy rating while adjusting PT to $32 from $15, following 1-for-15 reverse stock split completed January 27."

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