Kinnate Biopharma Inc (NASDAQ:KNTE), which focuses on developing small-molecule kinase inhibitors for difficult-to-treat, genomically-defined cancers, recently raised $276 million in gross proceeds in an initial public offering priced at $20 per share.The Kinnate Biopharma Analyst: Following the end of the IPO quiet period, SVB Leerink analyst Andrew Berens initiated coverage of Kinnate Biopharma with an Outperform rating and $52 price target.
The Kinnate Biopharma Thesis: Kinnate Biopharma's lead asset KIN002787, which targets BRAF Class II and Class III mutations, addresses a high unmet need in a number of tumor types, Berens said in a Monday initiation note.
The current BRAF inhibitors target Class I mutations, the analyst said.
This represents over a $2-billion opportunity across melanoma, non-small cell lung cancer and colorectal cancer, he said.
Related Link: The Week Ahead In Biotech (Dec. 27-Jan. 2): Data Releases, Regulatory Filings To Move Stocks
The second asset, KIN003, is a selective and potent FGFR2/3 inhibitor that is optimized to address the gatekeeper and molecular break mutations that confer resistance to other approved FGFR inhibitors, Berens said.
The company plans to initiate Phase 1 trials of KIN003 in cholangiocarcinoma and bladder cancer in the first half of 2022, the analyst said.
This investigational asset represents peak sales of about $985 million, he said.
"KNTE leverages a structure-based drug discovery platform that we think will continue to generate fundamental and strategic value for the company."
SVB Leerink said it believes Kinnate will be able to deliver meaningful catalysts over the next six to 18 months, including initial safety and potential efficacy data from Phase 1 trial for KIN002787 in BRAFm cancer and KIN003 in FGFR2/3+ cancers.
"We believe these readouts are likely to incrementally de-risk the clinical programs, while also offering an expedited regulatory pathway," Berens said.
KNTE Price Action: Kinnate Biopharma had a strong debut on Dec. 3, closing at $39.03 compared to the $20 offer price. The stock has traded in a range of $34.14-$48.75 since then.
At last check, the shares were rallying 5.83% to $40.22.
Related Link: 5 Biotech Stocks That Generated 1,000%+ Returns In 2020
NEW YORK, May 2, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Canaan, Inc. ("Canaan" or the "Company") (NASDAQ: CAN). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.The investigation concerns whether Canaan and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. [Click here for information about joining the class action] On April 12, 2021, before the opening of trading, Canaan issued a press release finally disclosing its actual 4Q20 and FY20 financial results for the period ended December 31, 2020, including a 93% year-over-year decrease in computing power sold and net revenues for the quarter. On this news, the market price of Canaan ADRs collapsed from their close of $18.67 per ADR on April 9, 2021 to close at $13.14 per ADR on April 12, 2021, a decline of nearly 30%, on unusually high volume of approximately 60 million ADRs trading, more than three times the average daily volume over the preceding ten trading days.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.CONTACT:Robert S. WilloughbyPomerantz LLPrswilloughby@pomlaw.com888-476-6529 ext. 7980 View original content to download multimedia:https://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-canaan-inc---can-301281785.htmlSOURCE Pomerantz LLP
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