Checkmate Pharmaceuticals (CMPI) PT Lowered to $19 at Jefferies After IDRA Top Line Miss

Jefferies analyst Maury Raycroft lowered the price target on Checkmate Pharmaceuticals (NASDAQ: CMPI) to $19.00 (from $23.00) after Idera Pharma's (NASDAQ: IDRA) pivotal of tilso+ipi (anti-CTLA-4) vs ipi alone in anti-PD-1 refractory melanoma (n=481) failed to meet ORR 1o endpoint, indicating addition of tilso had no added benefit on top of ipi in respect to ORR. IDRA is evaluating next steps regarding continuing ph.III to OS endpt. Ph.III combo ORR was 8.8% (vs 8.6% ipi) and DCR was 34.5% (vs 27.2% ipi). IDRA has another shot w/ ph.II (tilso+ipi+nivo) data in MSSCRC 3Q21, which could further shape our view on CMPI.

The analyst reiterated a Buy rating, stating "The IDRA top-line R/R melanoma ph.III miss has negative read to the TLR9 class, which includes CMPI's CMP-001. However, '001 structure+MOA and CMPI's melanoma ph.III (avoiding use of ipi) differentiate the CMPI program in important ways, which we continue to believe should set '001 apart in ph.III development. We decreased our '001 POS based on the IDRA update, which reduced our PT to $19".

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