Raymond James analyst Rahul Sarugaser raised his target on Point Biopharma Global (Point Biopharma Global Stock Quote, Charts, News, Analysts, Financials NASDAQ:PNT), saying in a Wednesday report that the precision oncology company is on track for an important data read-out in the second half of the year.
Based in Indianapolis, IN, Point Biopharma develops radiopharmaceuticals that deliver radiation directly and specifically to cancer cells. The company has a pipeline of late-stage clinical candidates and early-stage development programs, with its most advanced assets being PNT2002, a PSMA-targeting asset for treating late-stage prostate cancer, and PNT2003, an SSTR-targeting asset for treating neuroendocrine tumours (NETs).
Point delivered its first quarter 2023 financials and clinical update mid-month, saying that on PNT2002, the FDA had granted Fast Track designation and that enrolment in the SPLASH trial is now complete, with top line data expected in the second half of 2023. On PNT2004, enrolment in Cohort 3 of the FRONTIER trial started in 2023 Q2 with seven patients dosed and full data expected in the first half of 2024.
On PNT2001, Point said it anticipates a health authority submission (FDA/Health Canada) during the fourth quarter of 2023 and first-dosed patient in the first quarter of 2024.
“As excitement in the clinical and commercial potential of radiopharmaceuticals grows, POINT continues to expand the breadth and depth of our next-generation radioligand platform,” said Joe McCann, Ph.D., CEO of POINT Biopharma, in a press release. “In Q1 we focused on addressing potential bottlenecks that could rate limit our progress.”
In his report, Sarugaser maintained an “Outperform” rating on Point Biopharma while raising his target from $11 to $13, indicating at press time a one-year return of 42 per cent.
“We attribute PNT’s recent run (+58 per cent trough to peak, vs. Nasdaq +8 per cent) to Novartis’ earnings report where it revealed $211 million in 1Q23 Pluvicto sales across 200 active centres (guiding to ~$1 billion in FY23 sales),” Sarugaser wrote.
“PNT’s fast-approaching clinical data on its Pluvicto-adjacent asset, PNT2002 (Lantheus-partnered), which is in late Phase 3 clinical trials and recently received Fast Track Designation from the FDA, combined with investors viewing PNT’s strong balance sheet ($519.2 million cash) quite favourably,” he said.
Sarugaser left his forecast mostly unchanged, calling for revenue and EBITDA in 2023 of $260 million and $142 million, respectively, and revenue and EBITDA in 2024 of $220 million and $100 million, respectively.