Kezer Life Sciences (KZR) Reports Positive Phase 2 Data, Jefferies Sees Registrational Path
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Jefferies analyst Maury Raycroft reiterated a Buy rating and $20.00 price target on Kezer Life Sciences (NASDAQ: KZR) after the company reported better-than-expected top line phase 2 data, showing clear activity in R/R LN (n=17) on top of SOC meds (no induction) and validating zeto's novel immunomodulatory MOA in LN – sets stage for EOP2 2H22 (likely YE22) and eventual pivotal.
The analyst stated "KZR reported top-line efficacy that beat our expectations and showed: 1) 64.7% ORR (11/17) on primary endpt, 2) impressive 35.2% CRs (6/17), 3) 29.5% PRs (5/17), and 4) deepening responses in pts who completed add'l safety follow-up at wk 29 achieving 94.1% ORR (16/17) w/ 6 CRRs maintained." "Notably, countering bear arguments on steroid use, KZR actually reported clin meaningful tapering of daily prednisone from 19.2mg @baseline to 9.1mg @EOT to 8.6mg @wk29 and indicated pivotal will include protocol-mandated taper. Mean eGFR was stable throughout. Mgmt said they are aiming for earlier-line LN tx w/ zeto, and we should not rule out a design w/ induction in line w/ Benlysta/Lupkynis or possibility of 2 pivotals (one w/ induction & one w/o). KZR is pushing for EOP2 2H22 (likely YE22) but needs final dataset in hand (it submitted abstracts for ACR & ASN); co aims to move to ph.III asap."
Shares of Kezer Life Sciences closed at $5.78 yesterday.
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