On Monday, Piper Sandler adjusted its price target for Century Therapeutics stock, reducing it significantly to $4 from the previous $12, while still maintaining an Overweight rating. The stock, currently trading at $1.02, has experienced a challenging year with a 69% decline year-to-date.
According to InvestingPro data, analyst targets now range from $4 to $12, with the stock currently trading below its Fair Value. The change comes as Century Therapeutics continues its Phase I CALiPSO-1 study of CNTY-101 in various autoimmune diseases including systemic lupus erythematosus and lupus nephritis.
The company has reported promising Phase I ELiPSE-1 data, where 1.0B CNTY-101 cells achieved an overall response rate of 83%, which included complete responses in 33% of patients and partial responses in 50%, with one patient achieving stable disease.
These results were observed in B cell lymphoma patients, and notably, there were no instances of graft-versus-host disease or dose-limiting toxicities.
Further updates on ELiPSE-1 data are anticipated in mid-2025. The company, with a market capitalization of $86.3 million, maintains a strong liquidity position with a current ratio of 10.39x, though InvestingPro analysis indicates an overall weak financial health score.
However, the company also faced a setback as Bristol-Myers Squibb (NYSE:BMY) decided to end its collaboration with Century on the development of CNTY-104 for acute myeloid leukemia and CNTY-106 for multiple myeloma. This termination, effective March 12, 2025, was attributed to Bristol-Myers Squibb's prioritization of its portfolio.
Despite these developments, Century Therapeutics ended the third quarter of 2024 with a strong cash position of $245 million, against a total debt of just $54.6 million. The firm is currently undertaking a review of its preclinical pipeline. Piper Sandler's revised price target reflects a reset based on these recent corporate updates and the progress in the company's clinical trials. Get deeper insights into Century Therapeutics' financial health metrics and exclusive ProTips with InvestingPro.
In other recent news, Century Therapeutics has ended its collaboration with Bristol-Myers Squibb, a development that will take effect by March 12, 2025. The partnership was focused on developing therapies for hematologic malignancies.
Despite this termination, Century Therapeutics remains optimistic about scientific advancements made during the collaboration and plans to continue exploring opportunities related to acute myeloid leukemia and multiple myeloma.
In a recent development, Clear Street initiated coverage on Century Therapeutics with a Buy rating and a price target of $9.00. The firm highlighted the potential of Century's induced pluripotent stem cell (iPSC) platform and Allo-Evasion technology, which could revolutionize the field of cell therapy. Clear Street also emphasized the company's upcoming ELiPSE-1 trial results expected in mid-2025 and the potential CALiPSO-1 trial as key catalysts.
Century Therapeutics has also announced changes to its executive leadership. Morgan Conn, Ph.D., has been appointed as the new Chief Financial Officer, and Chad Cowan, Ph.D., a notable figure in cell therapy, has been named Chief Scientific Officer.
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