Piper upgrades Aslan to Overweight with $8 target after atopic dermatitis data
Piper Jaffray analyst Edward Tenthoff upgraded Aslan Pharmaceuticals to Overweight from Neutral with a price target of $8, up from $1. The stock in premarket trading is up 85%, or $3.24, to $7.06. The company reported preliminary Phase I multiple-ascending dose data on subcutaneous ASLAN004 to treat moderate-to-severe atopic dermatitis, and in the lowest dose cohort, three evaluable patients experienced at least 60% reduction in the Eczema Area Severity Index score at one month, Tenthoff tells investors in a research note. Further, ASLAN004 was safe with no discontinuations or serious adverse events reported, the analyst adds. He also notes that Aslan is also conducting a Phase II study of ASLAN003 in acute myeloid leukemia. Both or either drug could represent partnering opportunities, says Tenthoff.