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BOSTON - Centessa Pharmaceuticals plc (NASDAQ:CNTA) has announced preclinical study results indicating that its drug candidate ORX142, an orexin receptor 2 (OX2R) agonist, may effectively promote wakefulness at low doses in non-human primates. The study targeted excessive daytime sleepiness (EDS) associated with certain neurological, neurodegenerative, and psychiatric disorders.
The data, which will be presented at the upcoming 27th Congress of the European Sleep Research Society in Seville, Spain, from September 24-27, 2024, suggest that ORX142 could have therapeutic potential for conditions characterized by EDS without significant loss of orexin. This finding is critical as orexin is a neuropeptide that plays a key role in regulating the sleep-wake cycle.
Centessa's CEO, Saurabh Saha, MD, PhD, expressed optimism about the results, emphasizing the drug's potency and novel mechanism of action. The poster, titled "ORX142, an Oral, Highly Potent and Selective Orexin Receptor 2 Agonist, Promotes Wakefulness in Non-Human Primates," will be presented on Thursday, September 26th during the conference.
ORX142 is part of Centessa's broader orexin agonist program, which includes the lead asset ORX750, currently in a Phase 1 clinical study. These OX2R agonists are being developed as oral treatments for various sleep-wake disorders, including narcolepsy types 1 and 2, and idiopathic hypersomnia.
Centessa Pharmaceuticals focuses on creating transformative medicines for patients, with advanced programs addressing hemophilia, sleep-wake disorders, and immuno-oncology. Despite the positive preclinical results, ORX142 and other drug candidates from Centessa have not yet received approval from the FDA or other regulatory authorities.
The information presented in this article is based on a press release statement from Centessa Pharmaceuticals. The company's forward-looking statements involve expectations for its pipeline, including the anticipated cash runway, commencement of new studies, and clinical trials. However, these statements are subject to various risks, uncertainties, and assumptions that could significantly impact the actual outcomes.
In other recent news, Centessa Pharmaceuticals has been the subject of positive evaluations by BMO Capital Markets and Oppenheimer, both of which maintain an Outperform rating for the company. BMO's optimism stems from Centessa's productive second quarter of 2024, and the strategic progression of orexin agonists, which could decrease development risks and increase flexibility in pricing strategies. They anticipate data from the ORX750 High Variability study could significantly impact the company's value.
Oppenheimer's positive outlook is based on the potential of Centessa's ORX750 program in treating sleep disorders, highlighting promising preclinical results and a pharmacokinetic profile that suggests ORX750 could become a significant option for patients. In addition, Oppenheimer expressed optimism about Centessa's SerpinPC program for Hemophilia B, which is expected to have strong commercial prospects.
Centessa has also made executive appointments, with John Crowley taking on the role of Chief Financial Officer and Gregory Weinhoff transitioning to Chief Business Officer. Both bring extensive experience in the life sciences sector. The company has also priced its public offering of American Depositary Shares at $9.25 each, aiming to raise approximately $100 million in gross proceeds.
The U.S. Food and Drug Administration has approved Centessa's Investigational New Drug application, allowing for Phase 1 clinical trials of ORX750. These are the latest developments as Centessa continues to focus on its portfolio that includes advanced programs in hemophilia, sleep-wake disorders, and immuno-oncology.
InvestingPro Insights
As Centessa Pharmaceuticals (NASDAQ:CNTA) garners attention with its promising preclinical study results for the drug candidate ORX142, the company's financial health and market performance provide additional context for investors. Centessa holds a strong cash position relative to its debt, which could provide a solid foundation as it advances its clinical programs. With analysts expecting sales growth in the current year, this is a positive sign for the company's future revenue streams.
Moreover, Centessa has experienced a significant return over the last week, with its stock price reflecting a 15.81% total return. This upward trend extends over the last month and three months, with price total returns of 29.13% and 68.32%, respectively, indicating strong recent market performance. Additionally, the stock is currently trading near its 52-week high, at 96.13% of the peak value.
Investors should note that Centessa's Price / Book ratio, as of the last twelve months ending Q2 2024, stands at 5.5, which may suggest a premium valuation compared to book value. However, the company is not profitable over the last twelve months, with a negative P/E ratio of -8.25, and analysts do not anticipate profitability for this year.
For those looking to delve deeper into Centessa's prospects, InvestingPro offers a comprehensive suite of additional tips, with 15 more insights available that could guide investment decisions. To explore these further, visit InvestingPro for Centessa.
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