On Tuesday, ArriVent BioPharma, traded on NASDAQ:AVBP, had its price target increased to $36 from $30 by a Citi analyst, who also reaffirmed a Buy rating on the stock. The adjustment follows the company's release of data from its Phase 1b FURTHER study, which assessed the efficacy of firmonertinib in treating EGFR PACC mutations.
According to the analyst, the data presented at the World Conference on Lung Cancer (WCLC) indicated that firmonertinib demonstrated a notable objective response rate (ORR) of 63.6% at the 240mg dose. This performance was considered competitive when compared to other treatments in the same category, such as osimertinib, afatinib, and the combination of amivantamab and lazertinib.
The report highlighted that while osimertinib has shown a comparable ORR in the UNICORN study, published in ScienceDirect in February 2023, the cited 47% ORR represents the best response rather than a confirmed response, which could potentially be lower. The analyst also noted that while the other therapies have similar response rates, issues with tolerability, including side effects like diarrhea, nausea, and neutropenia, make firmonertinib a more favorable option.
Furthermore, the analyst pointed out that at the 240mg dose, firmonertinib showed a meaningful central nervous system (CNS) response rate of 42.9%, supporting the overall positive profile of the drug. Management of ArriVent BioPharma has indicated that the efficacy and safety profile at the 240mg dose appears optimal, suggesting that this dosage will likely be selected for the pivotal study going forward.
In other recent news, ArriVent BioPharma is making strides with its clinical trials and collaborations. The company's drug firmonertinib, currently under examination in the FURTHER trial, has shown a 63.6% confirmed objective response rate, leading H.C. Wainwright to raise the drug's probability of approval to 50%. This positive data has led to an increase in the company's stock target from both H.C. Wainwright and Oppenheimer, with the latter maintaining an Outperform rating.
ArriVent BioPharma's firmonertinib has also generated over $250 million in revenues in China for its partner, Allist. The company's strong financial position is evident with a reported balance sheet of $317 million.
The company is also working with Jiangsu Alphamab Biopharmaceuticals on the development and commercialization of novel antibody drug conjugates for cancer treatment.
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