Truist has initiated POINT Biopharma Global as a buy citing the potential of PNT2002, its prostate cancer therapy candidate in phase 3.
The firm has a $22 price target (~161% upside based on Thursday's close).
Analyst Nicole Germino said that PNT2002 is de-risked based on key opinion leader feedback and encouraging clinical data.
In addition, she sees potential near-term upside from pivotal data in mid-2023 and data from PNT2003 in solid tumors in the second half of this year.
Also, while the Street estimates PNT2002 is a $700M annual opportunity, Germino pegs it at $1.3B.
POINT (NASDAQ:PNT) utilizes a radioligand-focused platform. Given radiopharma is vouched for by other big pharmas, such as Novartis (NVS) and Bayer (OTCPK:BAYZF)(OTCPK:BAYRY), she added that POINT (PNT) is "poised to be a player as a potentially fully integrated radiopharma company."