IPOS - Recent IPO Cyteir initiated as a buy at BofA; sees 20% upside

sanjeri/E+ via Getty Images BofA Securities has initiated Cyteir Therapeutics ([[CYT]] -2.5%) as a buy with a $23 price target (20% upside). Cyteir is focused on the development of next-generation synthetically lethal therapies to treat cancer. Analyst Tazeen Ahmad says the company's lead asset, CYT-0851, which is in phase 1/2 as monotherapy for solid tumors and hematologic malignancies, targets RAD51, a protein that studies have indicated is over-expressed in some cancers. Phase 2 is expected to begin this half of the year. "We have a positive view of the RAD51 target as its mechanism and profile to-date suggests potential in multiple tumor types and in combination with other modalities such as PARP inhibitors," he writes. Ahmad that CYT-0851's potential in combination with other therapies could allow the drug to be used in earlier lines of treatment. He says the candidate could also possibly be used for triple negative breast cancer, mantle cell lymphoma, multiple myeloma, and soft tissue

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Recent IPO Cyteir initiated as a buy at BofA; sees 20% upside