On Tuesday, Jones Trading initiated coverage on IN8bio Inc. (NASDAQ:INAB), a biotechnology company focused on developing cancer treatments, with a Buy rating and a share price target of $5.00.
The firm highlighted IN8bio's commitment to oncology and its unique approach within the γδ T cell-based therapeutic landscape, particularly in the maintenance setting for leukemia post-allogeneic stem cell transplantation and for newly diagnosed glioblastoma patients.
Jones Trading pointed out the key value driver for IN8bio in the next 4-10 months would be the Phase 1 data from its Acute Myeloid Leukemia (AML) trial. At the American Society of Hematology (ASH) conference in December 2023, IN8bio reported a relapse-free survival (RFS) rate of 100% in a small cohort of AML patients.
This promising result sets a high benchmark for the upcoming data release, especially considering the high-risk nature of the patients enrolled in IN8bio's trial.
The biotech company's INB-100 therapy, which consists of allogeneic HLA matched γδ T cells, has shown significant persistence in patients' circulation up to a year after administration. This persistence, potentially enhanced by HLA matching, may be instrumental in providing long-term remission. The natural tissue homing characteristics of γδ T cells also suggest potential clinical benefits for solid tumors.
Investors are looking forward to further updates on IN8bio's trials, with mature data expected from the AML trial in mid-2024 at major conferences such as ASCO or EHA, and additional data from AML and glioblastoma multiforme (GBM) trials expected in the fourth quarter of 2024, likely to be presented at the Society for Neuro-Oncology (SNO) and ASH meetings.
According to Jones Trading, the multiple potential inflection points in 2024, combined with a recovering market that rewards stocks with positive data, support the positive outlook for IN8bio.
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