Seeking Alpha

Chardan initiates Curis at Buy, calls Erivedge "first-in-class," optimistic on pipeline

Chardan Capital initiates Curis (CRIS +1.2%) at Buy with a PT of $6.

Analyst Ling Wang believes Erivedge is "first-in-class" in the treatment of BCC and expects continued penetration of the drug into the locally advanced and metastatic patient groups who previously "had no effective treatment option." Wang thinks Erivdge royalties are worth $230M based on projected peak sales of $500M worldwide in the base case.

The analyst also believes "the market under-appreciates the potential of CUDC-907, a unique duel inhibitor of PI3K and HDAC scheduled to report initial phase I data by YE13 and CUDC-427, a promising inhibitor of IAP (inhibitor of apoptosis protein), which has demonstrated preliminary yet encouraging efficacy in advanced tumors."

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