Dec. 17 at 12:59 PM
Leerink⬆️
$CELC's PT to
$118 from
$97 and reiterated at an Outperform rating after Updating its Model Post-SABCS.
$RHHBY $NVS $AZN $LLY PFE
Leerink said in its note:
Bottom Line: Exiting the San Antonio Breast Cancer Symposium (SABCS), we believe gedatolisib's (geda) robust Ph 3 data in PIK3CA wild-type (WT) HR+ HER2- breast cancer patients will lead to a favorable readout for the upcoming PIK3CA mutant (MT) cohort in 1Q/2Q26.
We also see the Ph 3 evERA results supportive of a label limited to ESR1 mutant (ESR1m) patients, not posing a threat to geda (see notes here and here), which eventually could be combined with an oral SERD partner.
We have also adjusted our estimates to reflect currently the issued patents, resulting in exclusivity through 2042. The patent estate consists of a composition of matter patent (2034), the cyclodextrin formulation patent (2041), and the dosage regimen patent (2042). The net of our changes increases our PT to
$118 PT. Reiterate OP.
