SVB Leerink starts Turning Point Therapeutics at OP; PT $42
SVB Leerink launched coverage of Turning Point Therapeutics (NASDAQ:TPTX) with an “outperform” rating and $42 price target. The stock closed at $32.12 on May 10.
Turning Point is a development-stage biotech company focused on novel approaches to address treatment-resistant, oncogenic-driven tumors.
Analyst Dr. Andrew Berens writes that the company has an internal drug discovery platform that has generated a portfolio of precision compounds that are being developed in cancers of the lung, thyroid, stomach and other solid tumors.
“The company’s primary strategy is to develop small, compact, three-dimensional molecules that can target areas of the tyrosine kinase receptor that larger drugs are unable to reach,” he added.
According to Dr. Berens, this approach allows Turning Point to have activity in “both the frontline, where there is a potential durability and breadth of activity benefit over traditional approaches that may be impacted by allosteric interactions and resistance mutations, as well as in later lines, where emergent mutations often develop that are resistant to larger molecules.”
He said Turning Point is a next generation small molecule company, developing strategies to address the growing population of patients progressing on first generation tyrosine kinases.