Needham analyst Gil Blum names G1 Therapeutics (GTHX) as Needham Top Pick for 2023 and also adds it to the Needham Conviction list, replacing Nurix Therapeutics (NRIX). The analyst has also lowered the firm’s price target on G1 Therapeutics to $31 from $32 but keeps a Buy rating on the shares. G1’s investments in its trilaciclib franchise could come to fruition in 2023 as it expects readouts from pivotal studies in mCRC and in TNBC, the analyst tells investors in a research note. Blum adds that the TNBC study has an outcomes endpoint, and could provide conclusive evidence for the anti-tumor benefits of trila, with positive results potentially allaying investors concerns regarding the drug’s contribution to anti-tumor activity. The analyst further notes that the recent pull-back in the stock price due to soft Cosela sales in SCLC provide a "good entry point" for investors ahead of a "data rich year".
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