Andres Y. Maldonado, an analyst from H.C. Wainwright, reiterated the Buy rating on Ikena Oncology (IKNA – Research Report). The associated price target is $11.00.
Andres Y. Maldonado has given his Buy rating due to a combination of factors including the promising future of Ikena Oncology’s portfolio and the anticipated clinical data. Maldonado believes that Ikena’s assets are among the most undervalued in the oncology sector, particularly highlighting the company’s innovative approach to targeting the Hippo pathway with treatments such as IK-930. The forthcoming clinical update in the second half of 2024 is expected to provide further data on IK-930’s efficacy in treating epithelioid hemangioendothelioma and mesothelioma. Maldonado anticipates a favorable comparison between the new and prior formulations of IK-930, with the new formulation expected to demonstrate higher exposure levels and a positive pharmacokinetic/pharmacodynamic profile. Additionally, the difference between IK-930 and competing therapies is noted, with IK-930 avoiding the dose reductions and treatment interruptions seen with other treatments due to kidney toxicity. With a solid cash position ensuring continued operations through the second half of 2026, Maldonado expects a consistent flow of updates to pique investor interest.
Maldonado also supports the specific targeting of TEAD1 by IK-930 over other TEAD targeting strategies in the Hippo pathway, which is crucial in regulating cell proliferation and oncogenesis. Previous experiences with pan-isoform inhibitors for other oncology targets have shown increased toxicity, leading to a preference for isoform-specific inhibitors. IK-930’s selective inhibition of TEAD1 over other TEAD family members is seen as a strategic advantage, as targeting other isoforms could lead to proliferation or kidney toxicity. While inhibition of TEAD4 might leave some efficacy unexploited, Maldonado believes this might not significantly impact IK-930’s performance, especially in NF2 deficient indications. He contrasts IK-930’s approach with that of competitors, suggesting that IK-930’s strategy may offer advantages over pan-TEAD inhibitors and those targeting multiple TEAD isoforms.
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Ikena Oncology (IKNA) Company Description:
Ikena Oncology Inc is an oncology company. It is focused on developing novel cancer therapies targeting key signaling pathways that drive the formation and spread of cancer. The company is advancing five clinical, preclinical and discovery programs: IK-007, an EP4 receptor antagonist; IK-175, an AHR antagonist; IK-412, a kynurenine-degrading enzyme Kynase; discovery-stage molecules targeting the Hippo signaling pathway; and a discovery-stage program against an undisclosed target.
Read More on IKNA:
- Ikena Oncology Reports Fourth Quarter and Full Year 2023 Financial Results
- Ikena Oncology, Inc. (IKNA) Q4 Earnings Cheat Sheet
- Ikena Oncology to Participate in TD Cowen 44th Annual Health Care Conference
- iKena Oncology CMO Sergio Santillana resigns, Caroline Germa succeeds
- Ikena Oncology Announces Leadership Change and Strategic Shift
