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On Friday, H.C. Wainwright analyst Mitchell Kapoor increased the price target for Instil Bio Inc (NASDAQ:TIL) shares to $125 from the previous $105, while reaffirming a Buy rating on the stock. The company’s shares, currently trading at $21.02, have shown remarkable momentum with a 43.68% gain over the past week and an impressive 90.48% return over the last year. According to InvestingPro data, analyst price targets for TIL range from $51 to $180, suggesting significant potential upside. The adjustment follows the release of Phase 1/2 dose escalation data for AXN-2510, a treatment being developed by Instil Bio in collaboration with ImmuneOnco for first-line non-small cell lung cancer (NSCLC).
The clinical trial evaluated AXN-2510 across five escalating dose levels, ranging from 3mg/kg to 20mg/kg every two weeks, in a total of 51 patients with solid tumors. With a market capitalization of $137.17 million and an overall financial health score rated as GOOD by InvestingPro, Instil Bio maintains a strong balance sheet with more cash than debt, positioning it well for continued clinical development. The data included outcomes from 13 NSCLC patients who had received one or more prior lines of therapy, some of whom had previous anti-PD1 treatment exposure. The reported overall response rate (ORR) for AXN-2510 was 23% (3 out of 13 patients), with median progression-free survival (mPFS) not yet reported.
Kapoor noted that the efficacy of AXN-2510 appeared competitive when compared to other bispecific competitors, highlighting the treatment’s impressive performance among patients with low PD-L1 expression levels. The analyst compared Instil’s data with that of ivonescimab in EGFR/ALK/ROS wild-type patients, which showed a 33% ORR, and BNT327 data in a similar patient population, which had a 13% ORR.
Instil Bio’s partner, ImmuneOnco, has been deferred to for the release of additional data on other tumor types. In light of the recent findings, Kapoor has raised the probability of approval for AXN-2510 from 25% to 35%, leading to the increased 12-month price target for Instil Bio’s stock. The analyst’s commentary underscores the competitive potential of AXN-2510 in the NSCLC treatment landscape, as evidenced by the early data. Want deeper insights into Instil Bio’s financial health and growth potential? InvestingPro subscribers have access to over 30 additional financial metrics and exclusive analyst recommendations to make more informed investment decisions.
In other recent news, H.C. Wainwright analysts have maintained a Buy rating for Instil Bio while adjusting the company’s stock price target to $105. This revision comes amidst significant developments in the bispecific antibodies market, highlighted by Pfizer (NYSE:PFE)’s recent agreement to acquire rights to 3SBio’s PD-1 x VEGF bispecific antibody candidate, SSGJ-707. Pfizer’s deal involves an upfront payment of $1.25 billion and up to $4.8 billion in milestone payments, alongside a $100 million investment in 3SBio. This move positions Pfizer among leading companies in this therapeutic area, alongside Summit and BioNTech (NASDAQ:BNTX). The analysts from H.C. Wainwright suggest that such deals underscore the clinical impact and value of PD-1/L1 x VEGF bispecifics. This trend is further evidenced by Merck (NSE:PROR)’s licensing agreement with LaNova Medicines, involving substantial financial terms. These recent developments reflect a broader trend of significant transactions in the bispecific antibodies market.
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