On Thursday, H.C. Wainwright maintained a Buy rating and a $15.00 price target for NASDAQ:BCTX, Briacell Therapeutics. The firm's stance comes after Briacell announced a significant milestone in its Phase 2 clinical trial for the Bria-IMT regimen in combination with an immune checkpoint inhibitor (CPI).
The trial reported notably improved progression-free survival (PFS) for a top responder patient, who had previously seen eight different treatment regimens fail, including antibody-drug conjugate (ADC) therapy.
This particular patient, having completed 17 cycles of the Bria-IMT + CPI regimen, exhibited a substantial reduction of an eye-bulging orbital tumor over a 12-month period. Initial partial response was observed at two months, with subsequent imaging confirming the complete resolution of the right temporal lobe lesion after 8 and 11 months of treatment. While the temporal lobe lesion has become undetectable, the orbital lesion has significantly diminished.
The results have been described as potentially transformative for the treatment of metastatic breast cancer (MBC) with brain metastasis, a historically challenging condition to treat. Briacell is planning to further assess patient outcomes with brain metastasis in its upcoming pivotal Phase 3 study, highlighting the promise of Bria-IMT as a potential treatment option.
The firm noted the necessity of continued clinical validation, emphasizing that results from larger studies will be essential for regulatory approval and market acceptance. The reiteration of the Buy rating and the $15 price target reflects the firm's recognition of the therapy's potential impact on the treatment landscape for MBC with brain metastasis.
In other recent news, BriaCell Therapeutics has been the focus of several significant developments. H.C. Wainwright revised its price target for BriaCell, reducing it to $15.00 from the previous $18.00, but maintained a Buy rating on the stock. This adjustment followed the FDA's approval of an Expanded Access Program (EAP) for Bria-IMT, a treatment for metastatic breast cancer. Furthermore, BriaCell's Phase 3 study of Bria-IMT is actively enrolling patients, with interim data potentially leading to a Biologics License Application submission.
The company also announced a partnership with BeiGene (NASDAQ:BGNE), Ltd. to initiate a clinical trial for a new cancer treatment involving Bria-OTS, BriaCell's novel immunotherapy. On another note, BriaCell received a non-compliance notice from the Nasdaq Stock Market due to its share price falling below the minimum bid price, with a deadline until February 18, 2025, to rectify the issue.
The firm's Phase 2 study involving Bria-IMT combined with retifanlimab showed promising results, with an improved median overall survival of 15.6 months for patients treated more recently. H.C. Wainwright's continued optimism is bolstered by a recent analysis of the Phase 2 study's overall survival data.
InvestingPro Insights
Recent data from InvestingPro sheds additional light on BriaCell Therapeutics' (NASDAQ:BCTX) financial position and market performance. Despite the promising clinical results highlighted in the article, the company faces some financial challenges. According to InvestingPro Tips, BriaCell is not profitable over the last twelve months and suffers from weak gross profit margins. This is reflected in the company's adjusted operating income of -$35.27 million for the last twelve months as of Q3 2023.
However, the market seems to be responding positively to recent developments. InvestingPro data shows a significant 41.28% return over the last week and a strong 42.59% return over the last month. This aligns with the article's focus on the company's recent clinical milestone, which may have boosted investor confidence.
It's worth noting that BriaCell's stock price is currently at 16.4% of its 52-week high, with a market cap of $30.22 million. The average analyst fair value target stands at $15, which is substantially higher than the current trading price, potentially indicating significant upside if the company's clinical trials continue to show promising results.
For investors seeking a more comprehensive analysis, InvestingPro offers 10 additional tips for BriaCell Therapeutics, providing a deeper understanding of the company's financial health and market position.
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