- BTIG upgraded Aerovate Therapeutics Inc (NASDAQ:AVTE) from Neutral to Buy with a price target of $27.
- The analyst writes that to Aerovate’s benefit, Gossamer Bio Inc‘s (NASDAQ:GOSS) TORREY Phase 2 results validated dry powder inhaled (DPI)-administered TKIs in pulmonary arterial hypertension (PAH) as a safe and technically viable approach.
- But Gossamer’s DPI seralutinib does not look like a competitive disease-modifying therapy in PAH, with a PVR reduction of only 14% in the overall study population and 21% in FC III pts (p=.04).
- BTIG says the results likely do not put pressure on the AV-101 opportunity at this time.
- Oral imatinib (the AV-101 API) was previously shown in a Phase 3 study that showed a 32% reduction, and 0.7mg/kg sotatercept in Phase 2 showed a 34% PVR reduction.
- AVTE expects to complete enrollment in their Phase 2b trial of AV-101 in PAH in mid-2023 and data in 4Q23 or 1Q24.
- By design, there is a seamless transition from Phase 2b to 3 in AVTE’s IMPAHCT trial, so the analyst does not expect GOSS to have a material timeline advantage as GOSS is not initiating Phase 3 until 2H23.
- Price Action: AVTE shares are down 2.44% at $17.56 on the last check Tuesday.
Athenex Priced ~35.55M Share/Warrant Public Offering @$0.749/Share/Warrant
Athenex, Inc. ("Athenex") (Nasdaq: ATNX), a global biopharmaceutical company dedicated to the discovery, development, and commercialization of novel therapies for the treatment of cancer and related conditions, today announced the pricing of its underwritten public offering of 35,333,334 shares of its common stock and accompan
