Aug. 21 at 3:11 PM
Needham🏁
$FTH Buy-
$56 and said -- Targeting of the PI3K/AKT/mTOR signaling pathway in cancer has remained a challenge, with pharma focused on single node inhibitors.
$CELC $RLAY NVS RHHBY AZN
Needham added—Recently approved multi-node inhibitor Revtorpyk (CELC, Buy) has demonstrated clinical benefit in both mutant and WT PI3K patients, providing a clear POC.
While we expect Revtorpyk's launch to help educate stakeholders on multi-node inhibition, its IV administration may limit expansion in earlier lines, especially in advanced mBC, where SOC is shifting to oral agents (e.g., oral SERDs).
Piktor is a combination of orally available PI3Ka (serabelisib) and mTORC1/2 (sapanisertib) inhibitors, with early activity in endometrial cancer.
Given its multi-node targeting and oral availability, we believe Piktor can act as a fast follower.
We are initiating coverage of FTH with a Buy Rating and a
$56 Target.
