It’s a very rewarding trading day for investors in OncoSec Medical Inc (NASDAQ:ONCS) with shares up over 180%, making the stock Wall Street’s bull of the day.
The reason? The drug maker announced positive updated long-term follow-up data from its Phase 2 OMS I-102 combination study of ImmunoPulse IL-12 and Keytruda (pembrolizumab) in patients unlikely to respond to anti-PD-1 therapy.
The updated clinical and correlative immune-focused biomarker data demonstrated a 57% progression free survival (PFS) rate at 15 months with 100% (11/11) duration of response and median PFS not yet reached. Building upon previously reported data of a best overall response rate (BORR) of 50% (41% complete response [CR] rate), the updated data further demonstrate that the combination of these therapies can prime a coordinated innate and adaptive immune response, and strongly suggests a synergistic relationship with anti-PD-1. The latest findings further demonstrate that this combination approach can reshape the tumor microenvironment, yielding a robust intratumoral and systemic anti-tumor response converting “cold” tumors to “hot,” potentially improving clinical outcomes in patients predicted to not respond to anti-PD-1 therapy.
Lead Trial Investigator Dr. Alain Algazi said, “Overall, the Phase 2 trial results, including progression free survival beyond two years in multiple patients, duration of response, best overall response rate, and tolerability of the combination, provide a strong and consistent theme across multiple endpoints, underscoring the promise of ImmunoPulse IL-12 plus pembrolizumab as a viable treatment option for patients diagnosed with metastatic melanoma.”
CEO of OncoSec Dan O’Connor noted: “The robust PFS benefit and tolerability observed with ImmunoPulse IL-12 plus pembrolizumab is the first demonstrating efficacy in a predicted PD-1 non-responder population and shows that the combination represents a potentially important addition to the treatment landscape for metastatic melanoma patients who have progressed or are progressing on anti-PD-1 therapy.”
On the ratings front, Maxim analyst Jason Kolbert assigned a Buy rating on ONCS, with a price target of $5.00, in a report released today. The current price target represents a potential upside of 146% from where the stock is currently trading. According to TipRanks.com, Kolbert has a yearly average loss of 9.2%, a 33% success rate, and is ranked #4640 out of 4707 analysts.
OncoSec Medical engages in designing, developing and commercializing medical products for the treatment of cancer. It engages in the discovery and development of novel immunotherapeutic products to improve treatment options for patients and physicians, which intends to treat oncology indications.