Cue Biopharma (CUE) PT Lowered to $27 at Stifel
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Stifel analyst Stephan Willey lowered the price target on Cue Biopharma (NASDAQ: CUE) to $27.00 (from $30.00) after management progressed to single-agent CUE-101 dose-escalation into the 8mg/kg cohort.
The analyst reiterated a Buy rating, stating "we believe safety and immunogenicity should no longer be viewed as theoretical concerns associated with the core Immuno-STAT scaffold. We believe whether there exists a sufficient preexisting pool of antigen-specific T cells within these salvage/no-option HPV+ SCCHN patients capable of Immuno-STAT-mediated activation now remains a key question – although some of the preliminary PD data management continues to share here (directionally-favorable changes in antigen-specific and KI67+ T cell counts vs. baseline) would suggest this is now occurring in some patients. We view the recent initiation of the P1b KEYNOTE-A78 trial evaluating the combination of CUE-101 and pembrolizumab in 1L SCCHN patients as a better opportunity for demonstrating RECIST-defined clinical benefit – but acknowledge any longer-term emergence of unambiguous single-agent CUE-101 activity in the dose-escalation portion will greatly streamline our interpretation/attribution of this benefit".
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