NewLink Genetics (NLNK) PT Raised to $26 at Stifel

Stifel raised its price target on NewLink Genetics (NASDAQ: NLNK) to $26.00 (from $22.00) while maintaining a Buy rating.

Analyst Stephen Willey commented, "NLNK shares are looking increasingly actionable ahead of what we believe could prove to be a transformational next 1-6 months – highlighted by two indoximod-related presentations at the upcoming AACR meeting and a critical mid-FY17 data disclosure from partner Roche. We believe incremental data from the P2 trial evaluating the combination of indoximod/pembrolizumab will provide an apples/apples comparison to Incyte/Merck’s epacadostat/pembrolizumab P2 melanoma data – potentially dispelling the prevailing “I DON’T” inhibitor thesis and providing a future runway for value attribution (now made even easier with the recent filing of additional formulation-related IP). We believe P1b data from the Roche development program evaluating the combination of atezolizumab/GDC-0919 may represent the first mechanistic/translational evidence supporting the contribution of IDO inhibition to an immunotherapy-based regimen – significantly improving visibility into a meaningful stream of future non-dilutive revenue. Target increased to $26 (previously $22)."

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