- Cantor Fitzgerald has a "high conviction" on the Phase 3 readouts Abeona Therapeutics ( NASDAQ: ABEO ), Actinium Pharmaceuticals ( NYSE: ATNM ), and PTC Therapeutics ( NASDAQ: PTCT ) plan to report by the year-end.
- The announcements can lead to sharp gains for investors owning shares in these development-stage biotechs, according to an Oct. 03 report from the analyst Kristen Kluska.
- On Abeona ( ABEO ), the firm points to the lead Phase 3 program for cell therapy EB-101 in recessive dystrophic epidermolysis bullosa (RDEB), a skin condition characterized by blister formation. The analyst argues that the Phase 3 trial is designed with the same endpoints as the Phase 1/2 data which implied at least 50% healing for the candidate at month six.
- Positive data will position ABEO to find a commercial partner and win FDA approval with eligibility for a priority review voucher which has recently sold for $100M – $110M, Kluska notes.
- Citing a Phase 3 readout which added over $1B market cap for the rival RDEB developer, Krystal Biotech ( KRYS ), the analyst projects sharp gains for ABEO with its Phase 3 readout expected in Q4.
- On Actinium ( ATNM ), Cantor cites topline data expected for the company's lead asset Iomab-B from a pivotal Phase 3 trial involving those aged 55 years and above with relapsed or refractory acute myeloid leukemia (AML).
- "As we see no financial overhang on the company, we think positive Phase 3 results could lead to >100% upside to the share price," Kluska wrote. Forecasting $360M peak net sales for Iomab-B, B Riley issued similar remarks on ATNM in August.
- Cantor argues that its peak U.S. sales estimate for PTC923, a phenylketonuria (PKU) candidate developed by PTC Therapeutics ( PTCT ), "remains conservative." The firm reasons that nearly 30% of patients are still treatment naïve even as 2021 revenue related to PKU products exceeded $500M.
- The firm notes that PTCT's APHENITY Phase 3 trial for PTC923 was among some of its highly sought-after programs and added that the candidate would show a better clinical benefit on convenience and/or efficacy vs. other commercialized products for PKU.
- Cantor has Overweight ratings on the three biotechs, which have dropped in value over the past month, as seen in this graph.
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Cantor lists three “high conviction” Phase 3 biotech readouts for Q4