RPTX - Repare Therapeutics slips as Morgan Stanley downgrades on upcoming readout

• Cancer-focused biotech Repare Therapeutics ( NASDAQ: RPTX ) lost ~5% on Friday after Morgan Stanley downgraded it, citing concerns over an upcoming Phase 1 readout for the company’s PKMYT1 inhibitor RP-6306.
• The rating change comes as Repare ( RPTX ) runs Phase 1 studies for RP-6306 for solid tumors as monotherapy and in combination with gemcitabine and its lead asset, camonsertib.
• Noting that “PKMYT1 is a novel target,” Morgan Stanley analyst Jeffrey Hung thinks that initial Phase 1 data for RP-6306 expected in H1 2023 will focus on Pharmacokinetics, Pharmacodynamics, and proving target inhibition.
• The analyst awaits more clarity from combination studies and downgrades the stock to Equal Weight from Overweight. Citing a delayed timeline to market RP-6306, Hung lowers the price target for RPTX to $15 from $28 per share.
• Seeking Alpha contributor, Jonathan Faison wrote in September that RP-6306 would not generate “meaningful results” until combination studies read out.

For further details see: