In a research note released today, Brean Capital analyst Jonathan Aschoff reiterated a Buy rating on Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) with an $11 price target, after the company released the presentation of the full results from its Phase 2 clinical study of PSMA ADC in patients with metastatic castration-resistant prostate cancer (mCRPC).
Aschoff stated, “PSMA ADC elicited meaningful tumor responses, CTC improvements, and PSA reductions in both post-chemo and pre-chemo prostate cancer patients who failed Zytiga and/or Xtandi, with results being more robust in pre-chemo patients. Also, patients with high levels of PSMA expression and low levels of neuroendocrine responded better to PSMA ADC. Progenics identified 2.3mg/kg as the optimal dose given its better tolerability.”
Furthermore, “We believe positive Phase 2 results are robust enough to attract the attention of a partner to conduct a Phase 3 trial with PSMA ADC for pre-chemo mCRPC. The Phase 2 trial enrolled a total of 119 mCRPC patients who failed Zytiga and/or Xtandi, including 84 post-chemo and 35 pre-chemo patients, and we note that in addition to the efficacy, safety in chemo-naïve patients was the most favorable we have seen yet with PSMA ADC.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jonathan Aschoff has a total average return of 14.2% and a 60.6% success rate. Aschoff has a 12.9% average return when recommending PGNX, and is ranked #174 out of 3483 analysts.