Oppenheimer Would Buy any Weakness in Turning Point Therapeutics Inc. (TPTX) After Sword 1 Data

Oppenheimer analyst Matthew Biegler reiterated an Outperform rating and $150.00 price target on Turning Point Therapeutics Inc. (NASDAQ: TPTX) after the company announced first-in-human data from the Phase 1/2 SWORD-1 trial evaluating TPX-0046 in RET-altered cancers.

The analyst stated "We believe preliminary signs of activity in both TKI-naïve and pre-treated settings are encouraging. While some may have been hoping for more responses, we would be buyers of the stock on any resulting weakness. Due to a DLT early in escalation, we believe many patients were treated at suboptimal doses, and we expect to see more responses as dose escalation continues. In a heavily pretreated population (>95% with at least one prior systemic therapy), two TKI-naïve patients (of five) achieved PRs and two TKI-pretreated patients (of nine) achieved near-PRs. Management plans to follow escalation with multiple, potentially-registrational expansion cohorts."

For an analyst ratings summary and ratings history on Turning Point Therapeutics Inc. click here. For more ratings news on Turning Point Therapeutics Inc. click here.

Shares of Turning Point Therapeutics Inc. closed at $89.95 yesterday.

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