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Endocyte, Inc. (ECYT) Message Board

  • harryavnr harryavnr Mar 25, 2014 8:13 AM Flag

    Endocyte, Inc. (ECYT-OUTPERFORM):TARGET Trial Results; Raising PT to $65

    Endocyte, Inc. (ECYT-OUTPERFORM): Adding to Best Ideas List; Positive EU CHMP Opinion and Positive Phase 2b TARGET Trial Results; Raising PT to $65

    The Wedbush Investment Committee is adding ECYT to the Best Ideas List. We believe positive PFS and OS data in lung cancer de-risk ECYT's small molecule drug conjugate technology platform and suggest to us a broader opportunity for VYNFINIT and ECYT's tubulysin pipeline drug than is being valued by the Street. We expect recognition of the broad utility of ECYT's platform technology and positive 2014 updates from PROCEED and TARGET to drive further appreciation of ECYT's shares.
    The EU CHMP announced a positive recommendation for the approval of VYNFINIT (vintafolide) and its companion imaging test FOLCEPRI (etarfolatide) in the platinum-resistant ovarian cancer setting. ECYT commented that by year end, they expect reimbursement to be in place for 40% of the potential patient population for both VYNFINIT and the companion imaging test. We put the market opportunity for VYNFINIT at 16,400 patients per year in the EU and model peak sales at $430M.
    Top-line TARGET results (vintafolide/docetaxel combination therapy in the folate receptor positive non small cell lung cancer setting) demonstrated positive progression-free survival (PFS) and overall survival (OS) trends. OS is expected to be mature by YE:14. Data to date indicate that patients in the vintafolide and docetaxel combination arm were 25% less likely to have disease progressing or death compared to the docetaxel-only arm with a PFS HR of 0.75, p-value 0.0696, one-sided test. The median OS has been reached for the vintafolide/docetaxel monotherapy arms, but not yet for the combination arm.
    Raising our price target to $65 from $23. We are updating our model to refine our U.S. and EU folate receptor positive platinum resistant ovarian cancer estimates, and are adding in the NSCLC adenocarcinoma opportunity, and the corresponding sales and marketing costs. Our model doe

    Sentiment: Strong Buy

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