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Fly News Breaks for September 26, 2018
BPMC, LOXO
Sep 26, 2018 | 05:06 EDT
Loxo Oncology (LOXO) provided an update of the Phase I/II Libretto study of LOXO-292, the company's RET inhibitor and the vast majority of the current valuation, Piper Jaffray analyst Tyler Van Buren tells investors in a research note. While the overall response rate dropped slightly from 77% to 68% in more patients, it still appears superior to Blueprint Medicines' (BPMC) competing BLU-667, which has thus far demonstrated a 47% response rate in a similar patient population, the analyst contends. Van Buren adds that he's unconcerned by the two new grade three adverse events reported. He believes there "may very well" be upside to his current $1.5B peak sales estimate by the mid-2020s. The analyst reiterates an Overweight rating on Loxo Oncology with a $200 price target.
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