Leerink Partners analyst Jonathan Chang lowered the price target on Karyopharm Therapeutics (NASDAQ: KPTI) to $5.00 (from $6.00) while maintaining a Market Perform rating.

The analyst commented, "KPTI announced the topline data from the Phase III SENTRY study, which met the study's co-primary endpoint of SVR35 but missed the second co-primary endpoint of Abs-TSS. These results, together with the funds raised from the private placement, now place an emphasis on the endometrial cancer readout in mid-26. Recall KPTI is evaluating selinexor (Xpovio, XPO1 inhibitor) + ruxolitinib (JAK inhibitor [JAKi]) in JAKi-naïve myelofibrosis (MF) patients in the Phase III SENTRY (XPORT-MF-034) study. In today's release, KPTI announced that the study met its first co-primary endpoint of spleen volume reduction of 35% or more (SVR35) but missed the second co-primary endpoint of mean change in absolute total symptom score (Abs-TSS) at week 24 relative to baseline. The company noted a promising overall survival (OS) trend, which is one of the secondary endpoints of the study, and they plan to continue monitoring OS to maturity. The company intends to meet with FDA to discuss the totality of the study data and assess their supplemental new drug application (sNDA) submission plan. Additionally, KPTI mentioned that selinexor could be included in the National Comprehensive Cancer Network (NCCN) Compendia for MF in 2H26 after presenting the study data at an upcoming medical congress and publishing the study results in a medical journal. The MEDACorp KOLs in our previous MF pulse call (LINK) noted that in this scenario, obtaining FDA approval for the combination could be difficult. Regardless, they believe that including it in the NCCN compendia could facilitate its adoption into the treatment paradigm, since it is already approved for multiple myeloma, although they predicted the drug would not see significant use if this were to occur. Overall, we remain on the sidelines awaiting more durable growth trends on Xpovio sales, convincing evidence that Xpovio sales growth will not be overshadowed by existing operating expenses, and a clearer picture on the potential opportunities for Xpovio beyond multiple myeloma. Reiterate MP. PT to $5 to account for the SENTRY study update and recent financial transactions."