Leerink ups Karyopharm Therapeutics PT to $24 from $19


Leerink raised its price target for Karyopharm Therapeutics (NASDAQ:KPTI) to $24 from $19 after the company announced top-line results from the Phase 2b STORM study, evaluating selinexor with low dose dexamethasone in penta-refractory multiple myeloma patients. The stock closed at $13.08 on April 30.

“The top-line result of 25% overall response rate is better than the prior disclosed results from the study at its interim analysis,” writes analyst Jonathan Chang.

While there was a slight deterioration in the duration of response, from 5 months previously to 4.4 months, “we still view the efficacy achieved as positive with our key opinion leader checks indicating that durability of about three months is the benchmark in the penta-refractory setting, which represents an unmet medical need,” he added.

Mr. Chang said the latest results also should have “positive read-through” to the ongoing confirmatory Phase 3 BOSTON combination study in relapsed/refractory multiple myeloma.

“Our model now assumes 100% probability of success, up from 60%, in the penta-refractory population and 60% probability of success, up from 50%, for the BOSTON study, which translate into an increase of about $5 a share from our previous price target,” he added.

In addition, Mr. Chang said relapsed/refractory diffuse large B-cell lymphoma represents another attractive opportunity where top-line results are expected by year-end 2018.

Stephen Kilmer