Tesaro Inc (NASDAQ:TSRO) has kept investors salivating, waiting for the markets to open all weekend, as the small oncology-focused biotech posted solid results in its phase 3 trial of niraparib over the weekend.
The trial, dubbed “Nova,” was a double-blind, placebo-controlled study of niraparib. There were 553 patients involved, all with ovarian cancer and who had recently underwent platinum-based chemotherapy.
The purpose of the trial was to evaluate the progression-free survival rate through two groups, both of which met their primary endpoint. This shows that niraparib effectively lengthened the progression-free survival rate over the placebo group.
From Dr. Mansoor Raza Mirza, medical director of the Nordic Society of Gynecologic Oncology and principal investigator of the Nova trial:
“These landmark results are extremely encouraging for the ovarian cancer community. The effectiveness of platinum-based chemotherapy diminishes over time, and PFS and platinum-free intervals generally become shorter after each round of platinum treatment. In addition, the incidence of infection and risk of neuropathy and hypersensitivity with certain chemotherapy agents rises with subsequent cycles. An oral maintenance treatment that could lengthen the PFS interval between rounds of platinum-based chemotherapy would be very meaningful for patients with ovarian cancer, who often live with a fear of recurrence after ending active treatment.”
Recall that Medication has its own PARP prospects, which CEO David Hung believes are even better than Tesaro’s.
Bottom Line on TSRO Stock
In response, Wedbush Securities maintained its rating of “outperform” and raised its price target to $139 from $107, previously. According to the research firm, the higher price target was in response to the “clinical benefit of niraparib in HRD-negative patients as likely leading to approval in the entire platinum-sensitive ovarian market.”
What’s more, Bank of America slapped TSRO stock with a “buy” rating from “neutral” previously, while Baird analyst Michael Ulz reiterated his rating of “outperform” with a price target of $120 and Citigroup analyst Robyn Karnauskas cited “clinically meaningful benefits in all the sub-populations” as reason to up her price target to $125 from $120.
TSRO next reports earnings on Nov. 3, when we’ll see if Tesaro stock is capable of holding onto today’s gains.
As of this writing, John Kilhefner did not hold a position in any of the aforementioned securities.