Analyst Emily Bodnar of H.C. Wainwright maintained a Buy rating on Purple Biotech (PPBT – Research Report), boosting the price target to $34.00.
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Emily Bodnar’s rating is based on Purple Biotech’s significant progress in its clinical pipeline, particularly with its NT219 and CM24 programs. The company has announced updated timelines for the initiation of Phase 2 and 2b trials, which are expected to commence in the first and second half of 2025, respectively. This advancement is supported by promising biomarker data from recent studies, which have shown statistically significant efficacy in specific biomarker-defined subgroups.
Additionally, NT219 is advancing with a new Phase 2 study targeting recurrent/metastatic SCCHN, in collaboration with the University of Colorado, aiming to identify novel biomarkers. The company has also secured broad patent protection for NT219, enhancing its commercial potential. Furthermore, a pre-clinical research collaboration with the Icahn School of Medicine is set to explore the CAPTN-3 tri-specific antibody platform, which could further validate Purple Biotech’s innovative approach as they aim for an IND filing in 2026.