Jones Trading maintained its Buy rating and $18.00 price target for Curis (NASDAQ:CRIS), a biotechnology company. The firm's analyst highlighted the recent presentation of incremental data concerning the combination of emavusertib and ibrutinib in treating relapsed/refractory primary CNS lymphoma. While the data continued to be promising, the complete response (CR) rate experienced a slight decrease in a larger patient cohort.
The latest results showed a CR rate of 30% and an overall response rate (ORR) of 60% among the evaluated patients. This compares to an earlier reported CR/ORR of 60% in a smaller group. Despite the decline, these figures still surpass the benchmark CR rate of around 20%.
The analyst pointed out that the additional data from five patients need further time to mature, as complete responses and deepening of responses have been observed over time, although specific spider plots were not presented.
It was also noted that all patients in the study had previously undergone extensive treatment and had not responded to ibrutinib alone. The combination with emavusertib appears to resensitize patients to ibrutinib, which is a significant finding given the relapsed/refractory nature of the disease in the study cohort.
The firm also mentioned that primary CNS lymphoma represents a relatively small market, accounting for less than 5% of their price target calculation for Curis. The primary focus for the firm's valuation remains on the upcoming initial data for first-line acute myeloid leukemia (AML), which is expected by the end of 2024 and mid-2025.
Curis Inc (NASDAQ:CRIS). has made noteworthy strides in its TakeAim Lymphoma and TakeAim Leukemia studies, as revealed in their second quarter 2024 earnings call. Despite a net loss of $11.8 million for the quarter, the biotechnology company remains positive due to the promising results of their drug emavusertib. The drug has shown an objective response rate over 50% in primary central nervous system lymphoma (PCNSL) patients when paired with ibrutinib and has received orphan drug designation in Europe for primary CNS lymphoma.
Emavusertib has demonstrated objective responses in patients with splicing factor and FLT3 mutations in acute myeloid leukemia (AML). A new study pairs emavusertib with azacitidine and venetoclax for frontline AML treatment. Curis is actively discussing the drug's development path in various cancer indications with regulatory authorities.
The company, with $28.4 million in cash reserves, anticipates its current financial reserves will fund operations well into the first quarter of 2025. Moreover, H.C. Wainwright has maintained a Buy rating and a price target of $26.00 for Curis, following the 3rd Annual Symposium on IRAK4 in Cancer.
InvestingPro Insights
Recent InvestingPro data provides additional context to Curis's (NASDAQ:CRIS) financial situation and market performance. The company's market capitalization stands at $31.15 million, reflecting its current valuation in the biotech sector. Curis's revenue for the last twelve months as of Q2 2024 was $10.16 million, with a quarterly revenue growth of 15.89% in Q2 2024. This growth is noteworthy, especially considering the company's focus on developing novel therapeutics.
InvestingPro Tips highlight some challenges facing Curis. The stock has experienced significant volatility, with a 14.21% decline in the past week and a 53.36% drop over the last six months. This volatility aligns with the nature of biotech stocks, particularly those in the clinical-stage development phase like Curis.
Another InvestingPro Tip notes that analysts do not anticipate the company to be profitable this year, which is common for biotech firms investing heavily in research and development. This is reflected in Curis's negative gross profit margins and operating income.
For investors seeking a more comprehensive analysis, InvestingPro offers 5 additional tips that could provide deeper insights into Curis's financial health and market position. These additional tips could be particularly valuable given the company's ongoing clinical trials and potential market opportunities in areas like primary CNS lymphoma and acute myeloid leukemia.
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