H.C. Wainwright raised its price target for PDS Biotechnology (NASDAQ:PDSB) to $20 from $8 ahead of additional data being released at the ASCO meeting this weekend. The stock closed at $10.86 on June 1.
“We believe that the PDS thesis has been undergoing a sea change bolstered by three important factors: clinical data; increased visibility around the company’s pipeline assets; and ongoing medical and investor interest in differentiated immunotherapy assets and the solidifying view that T-cell immunity is critical,” writes analyst Joseph Pantginis.
He said the focus at ASCO this weekend is on an update from the NCI-led Phase 2 study with PDS0101, which has been the recent driver of the shares.
Last month, the interim data from the NCI-led Phase 2 trial of PDS0101 for treatment of HPV-associated cancers were released, and “did not disappoint,” Mr. Pantginis said, adding that more mature data will be released at ASCO. The trial is investigating the triple combination of PDS0101 with two investigational immunomodulating agents.
“We remind investors that the company previously announced the trial achieved its preliminary efficacy threshold,” and is progressing towards full enrollment of 20 checkpoint inhibitor (CKI) naive patients, and the assessment of preliminary efficacy in a second group of approximately 20 CKI refractory patients.