Repare Therapeutics price target lowered to $25 from $30 at Piper Sandler

Piper Sandler analyst Joseph Catanzaro lowered the firm’s price target on Repare Therapeutics to $25 from $30 and keeps an Overweight rating on the shares. The firm notes the company reported on its ongoing MYTHIC trial and TRESR trials at the AACRNCI-EORTC meeting. Focusing on MYTHIC, Piper thinks the data demonstrate that a dose/schedule has been identified for this novel combination, with isolated, manageable high grade anemia the only thing of note. Moreover, the firm believes there is an obvious signal of efficacy that, if validated, would offer a number of late-stage development opportunities. Piper adjusts its model to reflect these early MYTHIC data, now modeling risk-adjusted revenues in laterline biomarker populations in endometrial, ovarian, and colorectal cancer.