On Thursday, TD Cowen maintained its Buy rating and $50.00 price target for Protera Therapeutics (NASDAQ:TARA), a company whose stock has surged over 150% in the past year. According to InvestingPro data, analyst targets range from $20 to $50, reflecting strong confidence in the company's potential following its six-month update on the Phase II ADVANCED-2 trial for TARA-002 in non-muscle invasive bladder cancer (NMIBC).
The data revealed that TARA-002 achieved an 80% complete response rate (CRR) at any time point and a 100% CRR at six months within the BCG-unresponsive cohort with carcinoma in situ (CIS) only.
The analyst from TD Cowen highlighted the significance of these results, noting the compelling efficacy observed, especially considering the small number of patients in the trial. With a market capitalization of $140.7 million, Protera maintains a strong financial position, holding more cash than debt on its balance sheet.
The observed 80% CRR in four out of five patients and the 100% CRR at six months in four out of four patients in the CIS-only BCG-unresponsive cohort show promise. This efficacy surpasses the key opinion leader (KOL) efficacy benchmark of 30-50% CRR at six months, which is considered before proceeding to cystectomy, a surgical procedure to remove the bladder.
The early data from Protera's trial appears to be competitive when compared to other agents currently in development, which have reported approximately 70-75%+ CRR at any time and about 50-60%+ CRR at six months. This includes a subset of CIS-only patients who have shown roughly 70-80% CRR and 20-30% in concomitant CIS and papillary patients.
Despite the small sample size and the acknowledgment that CIS-only patients may be easier to treat, the analyst expressed optimism regarding the update. The clean safety profile of TARA-002 was also noted as a positive aspect of the trial results. The analyst's remarks underscore the potential of TARA-002 in the NMIBC treatment landscape and the current valuation of Protera Therapeutics in comparison to its competitors.
InvestingPro analysis reveals the company maintains a Fair financial health rating, though analysts don't expect profitability this year. Subscribers can access 11 additional ProTips and comprehensive financial metrics to better evaluate Protera's investment potential.
In other recent news, Protara Therapeutics has made significant strides in its clinical trials. The company's ongoing Phase 2 clinical trial for its investigational cell-based therapy, TARA-002, has shown positive results in patients with high-risk Non-Muscle Invasive Bladder Cancer (NMIBC), with a 72% complete response rate at the six-month landmark.
In addition, the U.S. Food and Drug Administration (FDA) has granted Fast Track designation to Protara's investigational therapy, Intravenous (IV) Choline Chloride, aimed at treating patients requiring parenteral support.
Analyst firms Oppenheimer and TD Cowen have maintained an Outperform and Buy rating on Protara shares, respectively, following these promising developments. The CEO of Protara Therapeutics, Jesse Shefferman, has expressed optimism about the six-month data and the therapy's potential in NMIBC treatment.
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