H.C. Wainwright Downgrades Karyopharm Therapeutics (KPTI) to Neutral

H.C. Wainwright analyst Robert Burns downgraded Karyopharm Therapeutics (NASDAQ: KPTI) from Buy to Neutral.

The analyst comments "XPORT-EC-042 primary endpoint miss weighs on Karyopharm's investment case. Yesterday, Karyopharm announced that the Phase 3 XPORT-EC-042 trial, which is evaluating selinexor versus placebo as maintenance therapy for patients with TP53wt advanced or recurrent endometrial cancer, failed to achieve statistical significance on its primary endpoint of PFS. The selinexor arm achieved a mPFS of 12.75 months compared with 7.43 months for the placebo arm, corresponding to a hazard ratio of 0.76 (95% CI: 0.51–1.12; one-sided p=0.0791). Relative to the topline and longer-term follow-up TP53wt subgroup results for the placebo arm in the Phase 3 SIENDO trial (i.e., a mPFS of 3.7 and 5.2 months, respectively), the placebo arm in XPORT-EC-042 appears to have performed better than expected. In our view, this stronger than expected placebo performance was the primary driver of the negative outcome. We also believe that a larger mITT population may have increased the likelihood of demonstrating a statistically significant PFS benefit for selinexor in XPORT-EC-042. Karyopharm has indicated that it will complete a comprehensive analysis of the XPORT-EC-042 data and present the full results at a future medical conference. Reflecting changes to our model, we downgrade our rating on Karyopharm to Neutral from Buy and lower our 12-month price target to $3 from $13 per share."

For an analyst ratings summary and ratings history on Karyopharm Therapeutics click here. For more ratings news on Karyopharm Therapeutics click here.

Shares of Karyopharm Therapeutics closed at $7.01 yesterday.

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