Fate Therapeutics' NK100 update at SITC 'encouraging,' says Piper Jaffray
Piper Jaffray analyst Edward Tenthoff notes that Fate Therapeutics updated Phase I NK100 data and provided new details on iPSC platform expansion at SITC. NK100 activity was observed in 7/14 AML, ovarian cancer and solid tumor patients, with seven patients receiving two infusions with NK100 cell persistence through Day 21 without compromised cytotoxicity or viability, he added, highlighting that NK100 is safe with no cytokine release syndrome or neurotoxicity even after multiple doses. Tenthoff is most excited for Fate's transformative iPSC platform enabling unprecedented scalable and homogeneous manufacturing. As expected, Fate found no adventitious agents and expects the first-ever IND on iPSC-derived Natural Killer cell therapy FT500 to clear by year-end 2018, he contends. Tenthoff adds that the company is developing a pipeline of iPSC cell therapies and will file an IND on FT516 by year-end 2018. He reiterates an Overweight rating and $23 price target on the shares.