Innate Pharma S.A. (IPHA) PT Raised to $7 at H.C. Wainwright

H.C. Wainwright analyst Swayampakula Ramakanth raised the price target on Innate Pharma S.A. (NASDAQ: IPHA) to $7.00 (from $5.00) while maintaining a Buy rating.

The analyst commented: "On August 10, Innate Pharma announced a strategic partnership with Swedish Orphan Biovitrum (STO:SOBI; Buy; Kapoor) to license lacutamab, an anti-KIR3DL2 antibody in late-stage development for cutaneous T-cell lymphoma (CTCL). Recall that enrollment of TELLOMAK-3, the confirmatory Phase 3 trial, was the gating event for Innate's ability to pursue accelerated approval. The agreement is structured to enable initiation of confirmatory Phase 3 study TELLOMAK-3 and the subsequent BLA filing for accelerated approval (AA) in the Sézary syndrome (SS) subgroup of CTCL. Innate is expected to be responsible for conducting TELLOMAK-3, while Sobi will be responsible for commercialization, assuming lacutamab gains accelerated approval in SS. Under the terms of the agreement, Innate is expected to receive $75M upon closing, near-term development milestones of up to $40M tied to SS, up to an additional $465M tied to Sobi's option for full development rights and future regulatory and commercial milestones, and tiered double-digit royalties on net sales. Following receipt of the $75M upfront, Innate expects its cash runway to extend to 3Q27, funding TELLOMAK-3 initiation and execution. Based on this transaction, we increase our 12-month price target to $7 from $5 and reiterate our Buy rating."

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