Leap Therapeutics news ‘disappointing at first glance,’ says Piper Sandler

Piper Sandler keeps an Overweight rating on Leap Therapeutics (LPTX) after BeiGene (BGNE) decided not to exercise its option for the Asian rights to DKN-01. While a "disappointing outcome at first glance," global rights now remain fully with Leap, including potentially the most valuable territories in Asia given the lead first-line indication, the analyst tells investors in a research note. The firm argues that BeiGene’s decision presents the opportunity for Leap to potentially extract more value out of the program.