Oppenheimer Would Buy any Weakness in Turning Point Therapeutics Inc. (TPTX) After Sword 1 Data
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Oppenheimer analyst Matthew Biegler reiterated an Outperform rating and $150.00 price target on Turning Point Therapeutics Inc. (NASDAQ: TPTX) after the company announced first-in-human data from the Phase 1/2 SWORD-1 trial evaluating TPX-0046 in RET-altered cancers.
The analyst stated "We believe preliminary signs of activity in both TKI-naïve and pre-treated settings are encouraging. While some may have been hoping for more responses, we would be buyers of the stock on any resulting weakness. Due to a DLT early in escalation, we believe many patients were treated at suboptimal doses, and we expect to see more responses as dose escalation continues. In a heavily pretreated population (>95% with at least one prior systemic therapy), two TKI-naïve patients (of five) achieved PRs and two TKI-pretreated patients (of nine) achieved near-PRs. Management plans to follow escalation with multiple, potentially-registrational expansion cohorts."
Shares of Turning Point Therapeutics Inc. closed at $89.95 yesterday.
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