BioTuesdays

SVB Leerink ups TCR2 Therapeutics PT to $41 from $28

TCR2 Therapeutics Logo

SVB Leerink raised its price target for TCR2 Therapeutics (NASDAQ:TCRR) to $41 from $28, citing positive interim data from the ongoing Phase 1 portion of the TC-210 Phase 1/2 clinical trial for mesothelin-expressing solid tumors. The stock closed at $28.12 on Dec. 14.

TCR2 is a cell therapy company developing a genetically engineered T-cell receptor platform aimed at addressing solid and hematologic malignancies. The company has leveraged its TRuC platform to generate a pipeline designed to address limitations of other T-cell approaches, writes analyst Jonathan Chang, Ph.D.

“Our updated price target reflects multiple model changes, including an increased probability of success for TC-210 in ovarian cancer and mesothelioma to 25% from 15% previously,” he added.

Dr. Chang said TCR2’s updated TC-210 data was highlighted by the first partial response in ovarian cancer. “Looking forward, we believe investors will want to focus on the durability of clinical benefit achieved in addition to potential signals of activity beyond mesothelioma,” he said.

Dr. Chang also said that SVB Leerink has received positive feedback from MEDACorp key opinion leaders on the potential of TCR2’s approach. “We maintain a positive long-term view of the stock based on an experienced management team and a potentially transformative platform with broad therapeutic applicability,” he added.

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