On Friday, TD Cowen maintained a positive outlook on Protara Therapeutics (NASDAQ:TARA), reiterating a Buy rating and a $50.00 price target for the company's stock.
"We believe Protara's update is encouraging, and establishes proof of concept for TARA-002," said the analyst.
Protara Therapeutics reported additional data from its ongoing studies, namely the ADVANCED-1 Phase Ia, ADVANCED-1EXP Phase Ib, and part of the ADVANCED-2 Phase Ib/II trial. The results showed an overall complete response (CR) rate of 38% among evaluable patients, with a 63% CR rate in patients with carcinoma in situ (CIS) only, and a 13% CR rate in patients with CIS plus Ta/T1 tumors.
The data appeared particularly promising within the subgroup of BCG-unresponsive or experienced patients, where TARA-002 achieved a 43% overall CR rate, and an even higher 50% CR rate among those with CIS only. These findings suggest that TARA-002 may have significant potential in treating non-muscle invasive bladder cancer (NMIBC).
TD Cowen highlighted the opinion of key opinion leaders (KOLs) who view the 38% CR rate as an early but promising indication of TARA-002's activity in NMIBC, noting the treatment's clean safety profile. In light of these results, Protara is planning to introduce an increased dose of 80KE for the next cohort of the Phase Ib/II ADVANCED-2 trial.
Looking ahead, interim results are anticipated in the second half of the year. These will include crucial 6-month reinduction efficacy data from some patients in Cohort B of the BCG-unresponsive NMIBC group, which could further support the therapeutic potential of TARA-002.
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