HOOKIPA nears five-month low as SVB Leerink expects near-term pressure

Jun. 08, 2021 1:08 PM ETHOOKIPA Pharma Inc. (HOOK)HOOKBy: Dulan Lokuwithana, SA News Editor2 Comments

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  • Having lost more than a fifth of its value yesterday, HOOKIPA Pharma (HOOK -16.8%) is continuing the slide in reaction to the company’s updated data from the Phase 1/2 study for HB-200 in the treatment of advanced Human Papillomavirus 16-positive (HPV16+) cancers.
  • The company evaluated the effect of HB-201 and HB-202, HOOKIPA’s lead oncology candidates. 14 patients received HB-201 intravenously every three weeks, and eight received alternating HB-201/HB-202 intravenously every three weeks.
  • As per the presentation at the 2021 ASCO Annual Meeting, HB-201 monotherapy has demonstrated an overall response rate of 18% with patients showing an ongoing median progression-free survival (PFS) of 3.45 months.
  • Noting “extremely high expectations” heading into the event, SVB Leerink analyst Andrew Berens predicts the company shares to face pressure in the near term.
  • The analyst cites the questions around the company’s oncovax programs and its pursuit of the accelerated pathway as reasons.
  • Despite the disappointment in the ASCO update, “we do think that several confirmed responses with the alternating regimen would rapidly shift investor sentiment,” Berens wrote.
  • With the average price target of $22.86 implying an upside of ~72.6% to the last close, the Wall Street analysts are bullish on HOOKIPA.

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