Needham Comments On KaloBios Following Phase 2 KB001-A Trial Results In Cystic Fibrosis
In a research report sent to investors today, Needham analyst Alan Carr reiterated a Hold rating on KaloBios Pharmaceuticals (NASDAQ:KBIO), as the company yesterday reported top-line results from the Phase 2 trial of KB001-A in cystic fibrosis patients with P. aeruginosa lung infections. No price target was provided.
Carr observed, “The primary endpoint of time to need for antibiotics was not met. Although a statistically significant improvement in FEV1 was observed (3% p=0.0029), other secondary endpoints were not met. Efficacy did not vary by baseline severity of disease. Management has elected to terminate development of KB-001A in this indication, but may seek a licensee for other indications. The company now plans to focus exclusively on oncology. The Phase 2 trial of KB-004 (EphA3 mAb) continues to enroll patients in three hematology indications and management may initiate a trial of KB-003 (anti-GMCSF mAb) in oncology later this year.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Alan Carr has a total average return of 40.6% and a 71.0% success rate. Carr is ranked #5 out of 3429 analysts.