Piper Sandler led coverage of several biotech stocks in Friday’s issue, with all but one receiving an “outperform” rating.
Arcellx (ACLX), Allogene Therapeutics (NASDAQ:), Elevation Oncology (ELEV), Immunome Inc. (IMNM), Ocular Therapeutix (NASDAQ:), Solid Life Sciences (), And Sarepta All Therapeutics (NASDAQ:) companies have been assigned Overweight ratings:
ACLX has been noted to have a potentially differentiated anito-cel profile for the treatment of MM.
Regarding ALLO, Piper Sandler said, “The company’s turnaround in January sets it on the right course and provides several differentiators in 1L LBCL, CLL and autoimmune disease consolidation.”
The firm noted that ELEV is developing EO-3021, an ADC targeting Claudin 18.2, for the treatment of gastric/GEJ cancer and expects to provide updated data from the US phase 1 study in the middle of the third quarter.
For IMNM, Piper Sandler wrote: “The company is developing AL-102 in phase 3 trials as a treatment for desmoid tumors, and early clinical data suggests high efficacy. The ROR1 ADC and FAP radioligand have differentiated designs that should be applied in the clinic. “
OCUL’s reporting is translated with an Outperform rating. Piper Sandler stated that “ongoing testing of Axpaxli’s SOL-1 on wet AMD is positioned for success.”
The SLDB gene therapy design is said to potentially compromise safety while providing increased cardiac expression. “Phase 1 has already begun, and a clean security bill this summer could be a catalyst for stocks higher,” Piper Sandler said.
Piper Sandler is bullish on SRPT as she likes the prospect of Elevidys receiving extended DMD labeling on its PDUFA.
Apellis Pharmaceuticals (NASDAQ:) was the only stock to receive a neutral rating, which Piper Sandler said was due to waning enthusiasm for Syfovre due to vasculitis cases. “Our study suggests that most ophthalmologists expect a reduction in the use of Sifovra due to these side effects,” they wrote.