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On Tuesday, Piper Sandler confirmed its Overweight rating on Cue Biopharma (NASDAQ:CUE) stock, with a steady price target of $3.00.
Cue Biopharma, along with its partner Ono, plans to select a development candidate for CUE-401, aimed at treating autoimmune and inflammatory diseases, in the first half of 2025.
The company has the option to acquire 50% of the U.S. rights for this candidate. The biopharmaceutical company is also looking to find a partner for CUE-501, which is being developed to ablate B cells in autoimmune diseases.
Recent Phase Ib data for the combination of CUE-101 at 4.0mg/kg with Keytruda in first-line treatment for HPV-positive recurrent or metastatic head and neck squamous cell carcinoma (HNSCC) showed an objective response rate (ORR) of 46% (11 out of 24 patients), a median progression-free survival (mPFS) of 5.8 months, and a median overall survival (mOS) of 21.8 months.
The ongoing Phase I study for CUE-102 is undergoing dose escalation. Cue Biopharma anticipates presenting more mature data for CUE-101 and CUE-102 at the Society for Immunotherapy of Cancer (SITC) conference in November.
Financially, Cue Biopharma ended the second quarter of 2024 with $30 million in cash. The management now expects these funds to support the company's operations until the second quarter of 2025.
Additionally, the company is actively reducing its debt, which currently stands at $6.2 million. Piper Sandler's reiteration of the Overweight rating and price target reflects confidence in Cue Biopharma's ongoing projects and financial strategy.
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