On Monday, Piper Sandler reaffirmed its Overweight rating and $15.00 price target on shares of ESSA Pharma (NASDAQ:EPIX), following the release of updated data from the company's clinical trial. The data pertains to the Phase Ib trial of masofaniten in combination with enzalutamide for patients with anti-androgen naive metastatic castration-resistant prostate cancer (mCRPC).
The recent abstracts from the European Society for Medical Oncology (ESMO) provided further follow-up on the 18 patients who were previously reported on at the American Society of Clinical Oncology Genitourinary Cancers Symposium (ASCO GU) earlier this year. The new data shows improvements in all efficacy metrics, including time to PSA progression and RECIST objective response rate (ORR), while maintaining consistent PSA90 rates.
Notably, the median time to PSA progression has not yet been reached, compared to the previous 16.6 months. This suggests a potential favorable development in the trial, as patients continue to be followed without PSA progression events. The updated information supports the expectation that the median time to PSA progression could outperform the benchmarks set by single-agent enzalutamide.
Piper Sandler's positive outlook is also bolstered by anticipation for the randomized Phase II trial of masofaniten, with topline data expected to be released in mid-2025.
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