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Investing.com - H.C. Wainwright raised its price target on Kazia Therapeutics (NASDAQ:KZIA) to $13.00 from $2.00 on Thursday, while maintaining a Buy rating on the stock. The micro-cap biotech company, currently valued at $10.65 million, has seen its shares surge over 41% in the past week alone, according to InvestingPro data.
The significant price target increase follows Kazia’s July 9 announcement of promising initial results from the first patient in its Phase 1b study of paxalisib. The company’s lead PI3K inhibitor is being tested in combination with Merck (NSE:PROR)’s Keytruda and chemotherapy for treating metastatic triple-negative breast cancer. While the company remains unprofitable, InvestingPro data shows it maintains a healthy balance sheet with more cash than debt.
According to Kazia, the 61-year-old patient showed a greater than 50% reduction in circulating tumor cells and a decrease in CTC clusters after just one cycle of therapy lasting 21 days. These biomarkers are typically associated with poor outcomes and increased tumor metastasis in triple-negative breast cancer patients.
H.C. Wainwright noted that these early clinical results appear to demonstrate a synergistic effect between paxalisib and immunotherapy in limiting tumor progression markers, supporting previous findings from preclinical models.
The Phase 1b study is being conducted in Australia and aims to enroll 24 patients across two dose cohorts, with additional updates expected in late 2025 or early 2026. The analyst’s price target adjustment reflects both a change in ADS ratio and other updates to their valuation model. Notably, the consensus analyst target price stands at $15.04, suggesting potential upside. Get deeper insights and 12 additional real-time analysis tips with InvestingPro.
In other recent news, Kazia Therapeutics announced promising preliminary results from a Phase 1b trial for a combination cancer treatment regimen. The trial involved a 61-year-old female patient with metastatic triple-negative breast cancer, who experienced over a 50% reduction in circulating tumor cells (CTCs) within 21 days of treatment. This investigational regimen combines Kazia’s Paxalisib with pembrolizumab and standard chemotherapy. The early data is significant as CTC clusters are critical markers of metastasis. Kazia continues to enroll patients to further assess the safety and effectiveness of the combination therapy.
Additionally, Kazia revealed preclinical research showing Paxalisib’s potential effectiveness against triple-negative breast cancer when combined with immunotherapy. The study, published in Molecular Cancer Therapeutics, indicated that Paxalisib increased T cell infiltration in tumors and showed synergistic effects with pembrolizumab. The findings provide a scientific basis for Kazia’s ongoing clinical trials. Paxalisib has previously received FDA designations for glioblastoma, and the company is exploring its use in various cancer forms.
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