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Zentalis Pharmaceuticals (NASDAQ:ZNTL) lost ~21% to reach a new 52-week low on Tuesday after the cancer drug developer updated Phase 1 data for its lead candidate, azenosertib, leading to a downgrade from Leering Partners.
With its Q3 2023 financials on Monday, the New York-based biotech reported a 37% objective response rate (ORR) and 6.5 months of median progression-free survival in those who received azenosertib in a Phase 1 trial.
The readout considered patients with ovarian and uterine serous carcinoma (USC) who received monotherapy azenosertib as a late-line option.
Downgrading Zentalis (ZNTL) to Market Perform from Outperform, Leerink analyst Andrew Berens said that the data update lacked signs of incremental efficacy compared to a previous readout.
In June, citing Phase 1 data, the company said azenosertib led to a confirmed ORR of ~37% with an intermittent dosing schedule in ovarian cancer and USC patients.
The analyst, who slashed his price target to $15 from $37, added that the company has also pushed back several important catalysts, and “while there are a few updates expected in 2024, the most meaningful updates are likely to be in 2025 or beyond.”