Leerink Partners analyst Andrew Berens maintained a Buy rating on Deciphera Pharmaceuticals (DCPH – Research Report) on October 31 and set a price target of $34.00.
Andrew Berens has given Deciphera Pharmaceuticals a Buy rating due to a combination of factors. Firstly, the company’s cancer treatment drug, vimseltinib, has shown promising results in the Phase 3 MOTION trial for tenosynovial giant cell tumor (TGCT). The drug achieved a 40% objective response rate at 25 weeks, which was in line with investor expectations and comparable to Phase 2 results. Notably, vimseltinib met all six key secondary endpoints, such as tumor volume score and quality of life, indicating its potential effectiveness.
Additionally, Berens believes vimseltinib could have a competitive advantage over other treatments such as pexidartinib, given its safety profile and potential efficacy, which could help it avoid the limitations that have hindered pexidartinib’s commercial success. The company’s recent financial results also support a positive outlook. Deciphera’s third-quarter results exceeded consensus, with the revenue from Qinlock, another of its drugs, growing by approximately 12% quarter over quarter. These factors led Berens to raise his price target for the company from $30 to $34 and the probability of success for the vimseltinib program to 75%, from 65%.
In another report released on October 31, Stifel Nicolaus also maintained a Buy rating on the stock with a $22.00 price target.
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Deciphera Pharmaceuticals (DCPH) Company Description:
Deciphera Pharmaceuticals, Inc. operates as a biotechnology company which develops and manufactures kinase inhibitor treatments for cancer by cutting off the ability of tumor cells to thrive and spread. The company designs a drug candidate, DCC-2618, to inhibit the full spectrum of mutant or amplified KIT and PDGFRa kinases that drive cancers such as gastrointestinal stromal tumors (GIST), advanced systemic mastocytosis (ASM), gliomas, and other solid tumors. It also develops two other clinical-stage drug candidates, DCC-3014 and rebastinib, as immuno-oncology kinase, inhibitors targeting the kinases CSF1R, and TIE2 kinas. The company was founded by Peter A. Petillo and Daniel L. Flynn in November 2003 and is headquartered in Waltham, MA.
Read More on DCPH:
- Deciphera price target raised to $22 from $20 at Stifel
- Deciphera price target raised to $30 from $25 at H.C. Wainwright
- Deciphera upgraded to Buy from Hold at JonesResearch
- Piper upgrades Deciphera, sees vimseltinib and Qinlock poised for upside
- Deciphera upgraded to Overweight from Neutral at Piper Sandler
