WATERTOWN, Mass. and GOSSELIES, Belgium - iTeos Therapeutics, Inc. (NASDAQ:ITOS), a clinical-stage biopharmaceutical company, today announced that interim data from a Phase 2 study of its cancer treatment will be presented at the upcoming European Society for Medical Oncology (ESMO) Congress in Barcelona, Spain. The study, known as GALAXIES Lung-201, evaluates the combination of belrestotug and dostarlimab in treating PD-L1 high non-small cell lung cancer.
The late-breaking oral presentation, scheduled for September 14, 2024, will provide an interim analysis of the randomized, open-label platform study. The study targets patients with previously untreated, unresectable, locally advanced or metastatic non-small cell lung cancer exhibiting a high PD-L1 expression. The abstract, identified as LBA52, will be part of the NSCLC Metastatic Proffered Paper Session.
Belrestotug, also known as EOS-448/GSK4428859A, is an antibody that targets TIGIT, a receptor involved in suppressing immune responses against cancer. The drug is designed to enhance antitumor responses through its immune modulatory mechanism and is being developed in collaboration with GSK (LON:GSK).
iTeos Therapeutics focuses on the development of immuno-oncology therapeutics, aiming to restore immune response against cancer. The company has a pipeline that includes three clinical-stage programs targeting immunosuppressive pathways. Headquartered in Watertown, MA, with a research center in Belgium, iTeos continues to post information relevant to investors on its website.
The presentation of the interim data at the ESMO Congress represents a significant milestone for iTeos Therapeutics and its development partner GSK. The data will be available on the ESMO website on the day of the presentation.
This news article is based on a press release statement from iTeos Therapeutics, Inc.
In other recent news, iTeos Therapeutics has been the subject of various significant developments. Wells Fargo (NYSE:WFC) has initiated an Overweight rating on the biotechnology company's shares, citing an attractive opportunity for investors due to the company's ongoing projects and financial capability. Analysts from the firm also set a price target of $31.00. Similarly, H.C. Wainwright reaffirmed a Buy rating on iTeos Therapeutics, raising the price target from $44.00 to $46.00.
In financial news, iTeos reported a first-quarter net loss of $1.07 per share for 2024, slightly higher than the anticipated net loss of $0.98 per share. The company also announced a $120 million stock sale involving over 1.1 million shares of common stock, with proceeds planned to support the advancement of iTeos' clinical programs and general corporate purposes.
In corporate developments, iTeos Therapeutics appointed Dr. David Feltquate as its new Chief Medical Officer. The company also held its Annual Meeting of Stockholders, resulting in the election of two Class I directors, Jill M. DeSimone and David K. Lee. Deloitte Bedrijfsrevisoren / Réviseurs d’Entreprises BV/SRL was ratified as the company's independent auditor for the upcoming fiscal year. These are among the recent developments in iTeos Therapeutics.
InvestingPro Insights
As iTeos Therapeutics (NASDAQ:ITOS) gears up to present interim data at the ESMO Congress, investors are closely monitoring the company's financial health and market performance. Here are some key insights based on recent data from InvestingPro:
InvestingPro Data indicates that iTeos Therapeutics holds a market capitalization of approximately $580.33 million. The company's Price to Book ratio stands at 0.87 as of the last twelve months leading up to Q2 2024, suggesting that the stock may be undervalued relative to the company's book value. Additionally, iTeos has experienced a significant price uptick of 54.57% over the last six months, reflecting increased investor confidence or speculative interest ahead of the ESMO Congress presentation.
InvestingPro Tips highlight that iTeos Therapeutics is trading at a low revenue valuation multiple, which could signal a buying opportunity for value investors. Analysts also anticipate sales growth in the current year, which may be tied to the potential of their clinical pipeline, including the belrestotug and dostarlimab combination therapy for non-small cell lung cancer.
For more detailed analysis and additional InvestingPro Tips, investors can explore the full suite of insights available on InvestingPro, with 10 more tips listed for ITOS at https://www.investing.com/pro/ITOS, offering a comprehensive view of the company's financial metrics and analyst expectations.
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