Oppenheimer Starts Turning Point Therapeutics Inc. (TPTX) at Outperform
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Oppenheimer analyst Matthew Biegler initiates coverage on Turning Point Therapeutics Inc. (NASDAQ: TPTX) with a Outperform rating and a price target of $90.00.
The analyst comments "Turning Point Therapeutics is an upstart in the field of precision oncology, aiming to develop next-generation targeted therapies for cancer. The company’s primary focus is lung cancer, where targeted therapies have become a mainstay approach for treating tumors driven by well-characterized oncogenes. Despite recent progress, our prescriber survey highlights a high degree of unmet need, particularly for patients failing first and second-generation tyrosine kinase inhibitors (TKIs). Turning Point’s pipeline of TKIs are structurally differentiated from conventional inhibitors, and we believe the company’s lead asset, the ROS1/NTRK inhibitor repotrectinib, has been de-risked in the Phase 1 portion of the TRIDENT-1 study. We are initiating with an Outperform rating and a $90 PT ahead of interim registrational data expected in 3Q."
Shares of Turning Point Therapeutics Inc. closed at $62.77 yesterday.
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