UPDATE: Cowen Reiterates Outperform On BIND Therapeutics Following Clinical Updates
Cowen’s healthcare analyst Eric Schmidt is weighing in with some thoughts on BIND Therapeutics (NASDAQ:BIND), as the company yesterday announced an upbeat strategic overview for 2015, along with positive results from the Phase II study of its lead product BIND-014 in mCRPC. The analyst rates the stock an Outperform without suggesting a price target.
Schmidt observed, “Unlike prior free docetaxel trials, 31 patients in the BIND-014 trial had been previously treated with androgen inhibitors (e.g. Xtandi or Zytiga). Therefore, it is possible that the significant prior use of androgen inhibitors generated patients with poorer prognoses, and that BIND-014 might be associated with superior potency.”
“Regardless, management has decided to prioritize more promising indications, where superior efficacy (e.g. KRAS + NSCLC) signals have been observed, a decision we agree with. Trials in these indications are now underway or set to begin imminently. As a result, late 2015 and early 2016 should provide numerous catalysts for BIND.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Eric Schmidt has a total average return of 46.3% and a 81.4% success rate. Schmidt is ranked #17 out of 3434 analysts.