Sep. 25 at 2:35 PM
Oppenheimer raised
$IMRX's PT to
$30 from
$21, reiterated at an Outperform and said: Good things come in threes as IMRX surprised with an earlier-than-expected update on atebimetinib in 1L PDAC.
$SNY $RVMD
Oppenheimer added: The sooner the better when data are this strong, exceeding expectations that we had recently laid out:
1) Encouragingly, the 9-month OS rate, a key focus of the update, achieved 86%, well above our ~75% expectation and clearly separated from historical GnP benchmarks.
2) The favorable OS outcome was further supported by an impressive 53% PFS rate at 9 months, which altogether reinforces the efficacy contribution of atebimetinib on top of mGnP.
3) Moreover, atebimetinib+mGnP continued to demonstrate a favorable tolerability profile.
We update our model, increasing the PoS of atebimetinib in 1L PDAC from 35%E to 60%E, arriving at our new PT of
$30 (vs. prior
$21).
