H.C. Wainwright raised its price target for Curis (NASDAQ:CRIS) to $9 from $5 after the company announced preliminary data from an ongoing Phase 1 study evaluating monotherapy, CA-4948, in relapsed or refractory acute myeloid leukemia (AML) and myelodysplastic syndromes (MDS).
Shares of Curis were quoted at $6.43, up $4.99, in heavy afternoon trading on Dec. 8.
The primary objective of the study is to determine the maximum tolerated dose and recommended Phase 2 dose based on safety and tolerability, dose-limiting toxicities, and any biologic activity.
“The first patient of the Phase 1 trial was dosed in the third quarter of 2020, so the quick enrollment bodes well for the rest of the trial enrolling quickly,” writes analyst Edward White.
The latest data showed “consistent reduction of marrow blasts in all the six evaluable patients. Two patients in the trial achieved marrow CR (blast count decrease by more than or equal to 50% from baseline into the normal range),” he added. One of the patients that achieved marrow CR was an AML patient and the other was a high-risk MDS patient.
Additional data from the Phase 1 trial are expected in the second half of 2021. Updated data from the company’s non-Hodgkin’s lymphoma (NHL) trial were reported earlier this week.
Mr. White said Curis has plans to initiate a combination study evaluating CA-4948 with Imbruvica in NHL next year. “Our question going into this data was whether the company has a drug in AML/MDS or not, and we believe these data show that the company does with CA-4948,” he added.
