Analyst Swayampakula Ramakanth of H.C. Wainwright maintained a Buy rating on Leap Therapeutics (LPTX – Research Report), with a price target of $7.00.
Swayampakula Ramakanth has given his Buy rating to Leap Therapeutics due to a combination of factors. Firstly, Ramakanth noted that the company’s Q3 2023 financial results were in line with consensus estimates, reporting no revenues and a net loss of $0.51 per share, which is less than the consensus estimated net loss of $0.58 per share. Furthermore, the company holds roughly $80.7M in cash and cash equivalents, which Ramakanth believes is enough to fund operations into the future.
Ramakanth also highlighted that Leap Therapeutics is expected to provide multiple clinical data updates in 2024. This includes a clinical data update from Part A of the ongoing Phase 2 DeFianCe study evaluating DKN-01 in combination with bevacizumab and chemotherapy to treat advanced colorectal cancer (CRC). Given the positive results of Part A of the study, Ramakanth expects insightful data to be released from the ongoing Part B of the study. Additionally, Leap Therapeutics is expected to report initial data from Part C of the ongoing Phase 2 DisTinGuish study by mid-2024. Lastly, Ramakanth’s Buy rating was influenced by the derived 12-month price target of $7 per diluted share, based on a risk-adjusted net present value analysis.
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Leap Therapeutics (LPTX) Company Description:
Leap Therapeutics, Inc. is a clinical stage biopharmaceutical company, which engages in developing novel therapies designed to treat patients with cancer. Its clinical stage programs are DKN-01 and TRX518. The company was founded on January 3, 2011 and is headquartered in Cambridge, MA.
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