PNT - POINT Biopharma Global initiated at buy at Truist on prostate cancer candidate
- Truist has initiated POINT Biopharma Global as a buy citing the potential of PNT2002, its prostate cancer therapy candidate in phase 3.
- The firm has a $22 price target (~161% upside based on Thursday's close).
- Analyst Nicole Germino said that PNT2002 is de-risked based on key opinion leader feedback and encouraging clinical data.
- In addition, she sees potential near-term upside from pivotal data in mid-2023 and data from PNT2003 in solid tumors in the second half of this year.
- Also, while the Street estimates PNT2002 is a $700M annual opportunity, Germino pegs it at $1.3B.
- POINT ( NASDAQ: PNT ) utilizes a radioligand-focused platform. Given radiopharma is vouched for by other big pharmas, such as Novartis ( NVS ) and Bayer ( OTCPK:BAYZF )( OTCPK:BAYRY ), she added that POINT ( PNT ) is "poised to be a player as a potentially fully integrated radiopharma company."
- On Sept. 13, POINT ( PNT ) priced a $125M stock offering, leading to a decline in shares .
For further details see:
POINT Biopharma Global initiated at buy at Truist on prostate cancer candidate