Piper Sandler analyst Do Kim lowered the firm’s price target on Affimed to $6 from $7 and keeps an Overweight rating on the shares. The analyst has pushed out PTCL estimates for AFM13, as monotherapy REDIRECT data showed meaningful ORR, but limited response durability. Kim believes DOR falls short of FDA hurdle for accelerated approval, leading Affimed to pursue PTCL as another cohort in the AFM13+AB101 study. This strategy confirms the analyst’s belief that the best chances for Affimed’s ICE therapies are in combination with NK cells. While ORR declined from 100%, Kim is "unconcerned" given severity of Phase 1 patients and enrollment of more aggressive NHL patients. The analyst adjusted the model to reflect PTCL delay, but increased HL probability of success to 65% from 35%, given consistency of AFM13+NK data.
Published first on TheFly
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