Oppenheimer notes that the embargo was broken at ESMO for several late-breaking abstracts resulting in the early release of late-breaking abstracts from Novartis (NVS) and others, adding that key to Fusion Pharmaceuticals (FUSN) is Novartis’ abstract for the Phase 3 PSMAfore trial. The abstract confirmed a substantial benefit from Pluvicto in pre-taxane treated mCRPC patients, which the firm believes supports expanding the approval of Pluvicto into the pre-taxane setting, and in turn the opportunity for Fusion’s FPI-2265 in this setting. The firm, which notes that the full presentation of results is anticipated on Monday morning, reiterates an Outperform rating and $13 price target on Fusion shares.
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