Leap Therapeutics (LPTX) PT Raised to $5 at Piper Sandler Following Positive Data at ESMO

Piper Sandler analyst Tyler Van Buren raised the price target on Leap Therapeutics (NASDAQ: LPTX) to $5.00 (from $4.00) while maintaining an Overweight rating following data presented at ESMO from the DisTinGuish study in 1st-line G/GEJ cancer that featured two KOLs.

The analyst commented, "LPTX held a conference call following data presented at ESMO from the DisTinGuish study in 1st-line G/GEJ cancer that featured two KOLs. Most notably, the KOLs viewed the cohort of patients to actually be enriched for non-responders (low rates of PD-L1+, TMB+ or MSI-H) and that DKN-01 + pembrolizumab maintenance should experience long-term tolerability. This latter point, together with the waterfall plot (i.e. depth of responses) could translate to favorable signals of durability. Additional data are expected in 1H22 and will likely be followed by a database lock later in 2022, which will formally start the clock on BeiGene's Asia option decision. Based on these initial favorable data we have refined our model to consider the 1st-line DKK-high G/GEJ opportunity, an Asian royalty revenue from the potential BeiGene opt-in and take our discount down slightly to 15% from 17.5%. This takes our PT to $5 from $4 and reiterate Overweight."

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