Oppenheimer reiterated an Outperform rating on Loxo Oncology (NASDAQ: LOXO), and raised the price target to $30.00 (from $25.00), following the company's presentation of Phase-1 data for LOXO-101. The data showed objective responses in three of three evaluable patients with TRK-fusion mutations with no Grade 4 AEs related to LOXO-101.

Analyst Christopher Marai commented, "On November 8, Loxo presented Phase-1 data for LOXO-101 at the AACR-NCIEORTC annual meeting, which showed objective responses in three of three evaluable patients with TRK-fusion mutations with no Grade 4 AEs related to LOXO-101. The responses happened rapidly (first restaging) and have shown initial signs of durability (one STS patient on drug 8+ months), although data is early, and we will look for durability across tumor types at next update. We view this data positively and are raising our price target to $30 from $25, lowering our discount rate as data continues to de-risk the approach. We view LOXO-101's strategy as inherently less risky, warranting a lower discount to peers. We note patient identification is A lower risk process than drug development, and diagnostics are moving rapidly into clinical practice."

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Shares of Loxo Oncology closed at $23.25 yesterday.