Analyst Mitchell Kapoor from H.C. Wainwright reiterated a Buy rating on Instil Bio and keeping the price target at $125.00.
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Mitchell Kapoor has given his Buy rating due to a combination of factors including the promising monotherapy data for Instil Bio’s AXN-2510, which demonstrated a 35% overall response rate (ORR) in a challenging setting of IO-pretreated squamous non-small cell lung cancer (SQ NSCLC). This result surpasses expectations and suggests a strong potential for PD-L1 × VEGF bispecifics, positioning AXN-2510 as possibly best-in-class with a clean safety profile and early signs of durability.
Additionally, the valuation gap between Instil Bio and its peers presents a significant upside opportunity. The ongoing trials and future plans, such as the U.S. Phase 1 monotherapy bridging trial, are critical steps for FDA alignment and global registration, further supporting the Buy rating. Kapoor also notes the broader validation of the PD-(L)1 × VEGF class, which could enhance investor confidence and benefit Instil Bio alongside its peers.