UPDATE: Oppenheimer Starts Oncternal Therapeutics (ONCT) at Outperform
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Oppenheimer analyst Hartaj Singh initiates coverage on Oncternal Therapeutics (NASDAQ: ONCT) with a Outperform rating and a price target of $14.00.
The analyst comments "We are impressed with the growing and compelling risk/benefit profile of ONCT's lead asset, cirmtuzumab, an ROR1 inhibitor focused on mantle cell lymphoma (MCL) and chronic lymphocytic leukemia (CLL) in combination with Imbruvica (ibrutinib). Meanwhile, we also witnessed two high-profile M&A deals by big Pharma validating ROR1 as a target; MRK's $2.75B acq. of VelosBio & Boehringer Ingelheim's $1.5B acq. of NBE Therapeutics. We believe ONCT's small molecule ETS-family transcription factor inhibitor TK216 has good data in second-line Ewing's sarcoma, a rare oncological indication with few options."
Shares of Oncternal Therapeutics closed at $8.25 yesterday.
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