BTIG halves Poseida Therapeutics PT to $20 from $40

BTIG slashed its price target for Poseida Therapeutics (NASDAQ:PSTX) to $20 from $40 but maintained its “buy” rating after increasing its modeled discount rate to 14% from $12, given current market conditions. The stock closed at $1.87 on May 12.

In its first quarter earnings report, Poseida highlighting continued pipeline progress with three CAR-T products being evaluated in the clinic, in addition to continued progress for both wholly-owned gene therapy asset, P-OTC-101 and with a gene therapy portfolio partnership with Takeda, writes analyst Justin Zelin.

Poseida is currently enrolling patients into two allogeneic CAR-T programs in Phase 1 trials: P-BCMA-ALLO1 for the treatment of relapsed/refractory multiple myeloma, and P- MUC1C-ALLO1 for the treatment of solid tumors derived from epithelial cells, including breast and ovarian cancers. 

Mr. Zelin said the company expects to report initial clinical data for both of these programs in the second half of 2022, likely at a major medical meeting. 

Poseida’s sole autoCAR-T asset, P-PSMA-101, continues to enroll and dose patients with metastatic castration-resistant prostate cancer in an ongoing Phase 1 dose escalation trial, he added.

Regarding Poseida’s partnership with Takeda, Mr. Zelin said Poseida is advancing its P-FVIII-101 program for the treatment of hemophilia A, with P-FVIII-101 utilizing a full liquid nanoparticle approach.