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Point Biopharma is heading to $13, says Raymond James

A new pair of research updates from Point Biopharma Global (Point Biopharma Global Stock Quote, Charts, News, Analysts, Financials NASDAQ:PNT) have Raymond James analyst Rahul Sarugaser staying bullish on the stock. Sarugaser reviewed the news in a Wednesday report to clients where he reiterated an “Outperform” rating on PNT.

Point Biopharma is a precision oncology company developing and commercializing radiopharmaceuticals for cancer treatment. The company has a series of late-stage clinical candidates and early-stage development programs and its own radiopharmaceutical manufacturing facility. Point has advanced assets in PNT2002, a PSMA-targeting product for the treatment of late-stage prostate cancer (mCRPC), and PNT2003, an SSTR-targeting asset for the treatment of neuroendocrine tumours (NETs). 

Point announced on Monday preclinical data from PNT2004, its pan-cancer, fibroblast activation protein-a (FAP)-targeted program, at the 2023 annual meeting of the Society of Nuclear Medicine & Molecular Imaging (SNMMI), June 24-27, 2023.

Point said PNT2004 led to complete and durable tumour regression and improved survival in HEK-mFAP tumour-bearing mice when chelated to any one of the three radioisotopes studied: 177Lu, 225Ac and 161Tb. 

“By continuing to develop expertise in more isotopes, POINT is better positioned to create optimized next-generation radioligands, which match a ligand’s properties with the most appropriate isotope,” said Joe McCann, Ph.D., Chief Executive Officer of POINT Biopharma, in a statement.

Also on Monday, Point announced a collaboration with Australia-based radiopharma company AdvanCell to produce 212Pb radiopharmaceuticals and a 212Pb supply chain and drug manufacturing network to support clinical development and commercialization of 212Pb-labelled radioligands.

Point said in a press release that 212Pb has a different isotope with a simple decay chain that has shown promising clinical results in compassionate use and Phase 1 settings.

“Adding 212Pb to our toolbox increases the optionality for new programs with the goal of developing new therapeutic options with improved clinical outcomes. Importantly, AdvanCell’s proprietary 212Pb generator technology based on 228Th sources is next-generation technology that we believe can scale to commercial quantities,” McCann said.

On the collaboration, Sarugaser said 212Pb is the second-most leveraged alpha-emitting radioisotope with 9/40 trials, including AdvanCell’s Phase 1/2, while currently the most-leveraged alpha-emitter in clinical trials is 225Ac 20/40 trials.

On the new preclinical research, Sarugaser wrote, “These data from SNMMI help bolster our confidence in PNT’s internal R&D capabilities, and we view PNT taking steps to establish new radioisotope supply chains as a good use of its robust balance sheet.”

With the update, Sarguaser maintained a one-year target price on PNT of 45 per cent.

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