DRTS - Alpha Tau Medical a new buy at HC Wainwright on proprietary radiation therapy

2023-04-24 14:08:03 ET

HC Wainwright has begun Alpha Tau Medical ( NASDAQ: DRTS ) with a buy rating saying that the company's proprietary diffusing alpha-emitting radiation therapy (DaRT) technology is differentiated in treating solid tumors.

The firm set a price target of $9 (~216% upside based on Friday's close).

The firm noted that the technology "leverages therapeutic properties of alpha particles while overcoming the traditional shortcomings of alpha radiation's limited range," adding it has potential against multiple tumor types, especially lesions such as tumors in the skin and head and neck.

Alpha Tau's ( DRTS ) Alpha DaRT therapy has been granted Breakthrough Device designation for squamous cell carcinoma ( SCC ) of the skin or oral cavity, and for glioblastoma multiforme.

Top-line results of a pivotal trial for the SCC indication are expected in 2024.

A first-in-human study of Alpha DaRT in SCC showed a 100% objective response rating and 78% complete response.

"We believe the demonstrated efficacy of Alpha DaRT is comparable to, if not better than, that of the traditional radiotherapy, with potentially fewer side effects and the benefit of abscopal effects (a systemic immune response that leads to spontaneous regression of untreated distant lesions)," analyst Yi Chen wrote.

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