Maxim Group analyst Naz Rahman reiterated a Buy rating on Kazia Therapeutics yesterday and set a price target of $20.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Naz Rahman has given his Buy rating due to a combination of factors surrounding Kazia Therapeutics’ development of paxalisib for glioblastoma multiforme (GBM). The company has requested a Type C meeting with the FDA to discuss the potential for accelerated approval of paxalisib, which targets newly diagnosed unmethylated GBM patients. This request aligns with the FDA’s recent emphasis on overall survival as a critical endpoint for oncology therapies, and the agency’s support for orphan drug development and novel therapies.
In clinical studies, paxalisib has demonstrated an overall survival benefit of approximately 15 months compared to the standard-of-care’s 12 months for unmethylated GBM patients. Despite not meeting the primary endpoint in Phase 2 studies, the secondary endpoints showed positive results, suggesting a potential clinical benefit. The anticipated Type C meeting and the planned Phase 3 confirmatory trial are seen as significant catalysts for Kazia’s stock, reinforcing the Buy rating as the company navigates regulatory pathways with promising data.
In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $13.00 price target.