JMP Securities analyst Jonathan Wolleben reiterated a Buy rating on Aura Biosciences Inc (AURA – Research Report) today and set a price target of $21.00.
Jonathan Wolleben gave his Buy rating based on several factors including the promising data from Aura Biosciences’s Phase 2 of choroidal melanoma candidate bel-sar. The 12-month follow-up data showed impressive results in terms of tumor control, vision preservation, and safety which bolsters confidence in the success of the upcoming Phase 3 trial. The consistency of the 12-month data with the earlier 9-month results further strengthens investor confidence. Wolleben believes that the Phase 3 trial, which is starting this quarter, has conservative assumptions that are likely to be supported by the 12-month data.
Wolleben also highlights bel-sar’s potential to be a transformative treatment for primary choroidal melanoma due to its ability to improve vision outcomes. This could lead to an earlier and broader treatment of suspicious choroidal lesions, which is currently treated with standard-of-care brachytherapy. Furthermore, bel-sar is assigned a 50% probability of success (POS) and is modeled as a $1.5B opportunity in treating choroidal melanoma. This valuation may prove conservative if long-term data supports durable tumor control comparable to standard radiotherapy, with superior vision preservation rates.
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Aura Biosciences Inc (AURA) Company Description:
Aura Biosciences Inc is a clinical-stage oncology company developing a novel technology platform based on virus-like drug conjugates to target and destroy cancer cells selectively while activating the immune system to create long lasting anti-tumor immunity.
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