Jan. 16 at 2:10 PM
Piper Sandler reiterated
$CNTA Overweight-
$38 and said, There are two main catalysts for CNTA shares this quarter.
$ALKS $TAK $HRMY $ESALY
Piper Sandler added, First, the company expects to start Phase 3 trials testing ORX750 in NT1, NT2, and IH.
Second, CNTA expects to provide add'l data from the ongoing CRYSTAL-1 Phase 2 trial.
We should receive data from at least one of the three indication cohorts.
Of the three indications, we believe the most underappreciated question for investors is if orexin agonists can translate meaningfully into idiopathic hypersomnia (IH), a biologically heterogeneous indication that may ultimately represent a larger market opportunity than narcolepsy type 1 (NT1) or type 2 (NT2).
Despite significant unmet need, IH remains a "black box" for the field.
As such, even modest efficacy signals in IH could materially shift investor perception around the breadth of ORX750's opportunity and provides asymmetric risk-reward.
