Wedbush lowered the firm’s price target on Kinnate Biopharma to $14 from $25 after adjusting market share assumptions for exarafenib and adjusting cost of capital, but kept an Outperform rating on the shares. The firm notes that the company presented updated data from its Phase 1 dose escalation study of exarafenib in BRAF mutated solid tumors or NRASm melanomas, discussed its expansion strategy for exarafenib, provided an update on its exarafenib + binimetinib combination program, and highlighted other pipeline news. Management stated that average duration of treatment should improve with longer follow up, as responders remain on treatment. The durability data are "very encouraging" and point to the potential benefits stemming from exarafenib’s ability to avoid paradoxical activation and tolerability, Wedbush says.
Published first on TheFly
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