The Fly

Piper says unexpected response in 1st dose cohort bodes well for AFM24-NK study

Piper Sandler analyst Do Kim notes that Affimed shares are up on Monday, driven by a partial response reported in the SITC 2022 abstract for AFM24+Tecentriq Phase 1 study. The analyst believes most investors expected potential clinical responses at higher dose levels, but the PR was in dose level 1 out of 3 evaluable patients. Kim thinks the unexpected activity at the lowest combo dose bodes well for the AFM24-NK Phase 1 study where NK cell combo should provide the greatest benefit, given the AFM13-NK data in lymphoma. The analyst expects an update for AFM24-NK before year-end, with initial data in the first half of 2023. Kim has an Overweight rating and a price target of $7 on the shares.

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