After over a 20% decline within the earlier session, clinical-stage biotech Alaunos Therapeutics, Inc. (NASDAQ:TCRT) prolonged losses on Thursday as Avenue reacted to the corporate’s early Section 1/2 knowledge for strong tumor remedy, which Cantor Fitzgerald stated ticked all of the bins for the primary affected person.
The open-label dose escalation examine at the moment underway at The College of Texas MD Anderson Most cancers Middle indicated a partial response for the affected person who had non-small cell lung most cancers regardless of three prior traces of remedy.
Cantor analyst Prakhar Agrawal attributes the selloff to “promote the information occasion” and market expectations for an entire response which wasn’t the case for the affected person.
“Replace for the primary affected person checks all of the bins on efficacy, security, persistence however most of this was already priced within the inventory,” Agrawal wrote with an Chubby score and a $5 per share goal.
TCRT plans to incorporate the readout on the CRI-ENCI-AACR Worldwide Most cancers Immunotherapy Convention (CICON) subsequent week.
Nonetheless, Agrawal is unsure over extra affected person knowledge, which he stated is required to drive near-term upside within the lead-up to the Sep. 30 presentation.
Learn: Forward of the readout, Looking for Alpha contributor Terry Chrisomalis referred to as TCRT “a fantastic speculative biotech play.”