On Thursday, Piper Sandler confirmed its positive stance on ESSA Pharma (NASDAQ:EPIX) shares, maintaining an Overweight rating and a $15.00 price target. The endorsement comes as anticipation builds for an upcoming update from the Phase Ib trial of masitinib in combination with enzalutamide for patients with anti-androgen naive metastatic castration-resistant prostate cancer (mCRPC).
The firm's analysis involved a detailed review of patient data from previous updates and the application of Kaplan-Meier analyses to project the time to PSA progression. This statistical method helps estimate the time until a particular event, such as disease progression, occurs. The analysis suggests that the median time to PSA progression with the combination therapy may exceed that of enzalutamide alone, a current benchmark treatment.
The analyst noted that the expected data from the trial could significantly bolster confidence in the ongoing randomized Phase II study. Topline results from this Phase II trial are anticipated to be released in mid-2025. This positive outlook is based on the firm's scenario analyses, which aim to forecast how the trial's endpoint, time to PSA progression, might evolve with an additional six to seven months of follow-up.
ESSA Pharma's research focuses on developing treatments for prostate cancer, with masitinib as one of its leading investigational drugs. The analyst's comments underscore the potential of masitinib to improve treatment outcomes for patients with mCRPC when used in combination with enzalutamide.
The investment firm's reiterated rating and price target reflect a continued endorsement of ESSA Pharma's stock, suggesting that the upcoming trial update could further validate the company's approach to treating mCRPC. Investors and stakeholders in the biopharmaceutical sector are likely to watch closely for the forthcoming trial results that could impact ESSA Pharma's share value and the broader market for prostate cancer therapies.
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