H.C. Wainwright has maintained a Buy rating and an $18.00 price target on Briacell Therapeutics (NASDAQ: BCTX) shares following the recent announcement on new overall survival (OS) data from its Phase 2 study, which involves Bria-IMT combined with retifanlimab for treating patients with metastatic breast cancer.
The Phase 2 trial included 54 patients, with 37 receiving the Phase 3 formulation of the treatment. Notably, 25 of these patients were treated after 2022, once full-site activities resumed following the disruptions caused by COVID-19.
The initial OS data released in December 2023 showed a median survival of 13.4 months for the 37 patients. However, the latest data, which provides an additional six months of follow-up, indicates an improved median OS of 15.6 months for the subset of patients treated more recently.
The updated findings suggest that the treatment outcomes improved post-COVID, likely due to the absence of treatment compliance issues and site closures that had affected the clinical trial during the pandemic.
The patients treated after 2022 also exhibited a slightly better progression-free survival (PFS) of 4.1 months, compared to 3.9 months for the entire group of 37 patients.
The analyst highlighted that these results compare favorably to the typical OS of about 6-10 months for patients with late-line metastatic breast cancer undergoing chemotherapy.
Additionally, the PFS for Bria-IMT treatment also surpasses the 1.6-2.8 months typically seen with chemotherapy in clinical trials. The reiterated Buy rating and price target reflect the analyst's continued optimism regarding the stock's potential.
BriaCell Therapeutics reported receiving a non-compliance notice from the Nasdaq Stock Market due to its share price falling below the requisite minimum bid price. The company has until February 18, 2025, to rectify this issue and retain its listing on the Nasdaq Capital Market.
On a more promising note, BriaCell announced substantial results from a Phase 2 study of its Bria-IMT regimen. The treatment showed a significant increase in progression-free survival for a patient with metastatic breast cancer resistant to conventional therapies.
The patient, who had previously been unsuccessful with eight different treatments, achieved a progression-free survival of 9.1 months, marking a substantial improvement compared to similar studies.
Additionally, BriaCell revealed a partnership with BeiGene (NASDAQ:BGNE), Ltd. to initiate a clinical trial for a new cancer treatment. The study aims to evaluate the safety and efficacy of Bria-OTS, BriaCell's novel immunotherapy, in combination with BeiGene's anti-PD-1 antibody, tislelizumab, specifically targeting advanced, heavily pretreated metastatic breast cancer.
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