Morgan Stanley ‘encouraged’ by 2 cPRs reported by Adagene

After Adagene reported interim data from the Phase 1b/2 trial of ADG126 in combination with pembrolizumab in patients with metastatic microsatellite-stable colorectal cancer that will be presented in a poster at the ASCO Gastrointestinal Cancers Symposium on January 20, Morgan Stanley analyst Maxwell Skor noted there were 2 confirmed partial responses, or cPRs, among the 9 patients without peritoneal metastases, equating to a 22% overall response rate, or ORR. The analyst, who is “encouraged by the 2 cPRs in MSS CRC” and awaits additional updates from Stage 2, sees potential for exploring higher doses of ADG126 given the manageable safety profile. The firm has an Overweight rating and $4.60 price target on Adagene shares, which are down about 46% to $2.04 in Wednesday morning trading.