H.C. Wainwright lowered its price target for BeyondSpring (NASDAQ:BTSI) to $30 from $41, but reiterated a “buy” rating, citing a higher discount rate to account from increased uncertainty of COVID-19’s impact on clinical trials. The stock closed at $12.51 on March 27.
Analyst Joseph Pantginis writes that BeyondSpring has initiated a rolling NDA submission in China of Plinabulin for the treatment of chemotherapy-induced neutropenia (CIN) to include the CMC section, Study 105 Phase 3 data, and Phase 2 portion of the ongoing Phase 2/3 Study 106.
“Should the CIN NDA be approved, Plinabulin plus G-CSFs regimen could become the first superior therapy vs. standard-of-care (G-CSF alone) after 30 years for the treatment of CIN, arising from a vast range of chemotherapies and across multiple cancer indications,” he added.
In addition, BeyondSpring expects to submit an NDA for the same indication with the FDA in the second half of 2020.
Mr. Pantginis said 2020 is a key milestone year for the company with important regulatory and data catalysts, which include a final data readout for Study 105 Phase 3 evaluating Plinabulin plus docetaxel for intermediate-risk CIN and a topline data readout for Study 106 Phase 3 for CIN, both in the first half of 2020.
In the second half this year, he said the company expects to announce Phase 3 final data for Study 103 evaluating Plinabulin plus docetaxel for non-small cell lung cancer.
