Karyopharm price target lowered to $8 from $12 at Piper Sandler

Piper Sandler lowered the firm’s price target on Karyopharm (KPTI) to $8 from $12 and keeps an Overweight rating on the shares. Phase III SENTRY data in myelofibrosis met the first co-primary endpoint. However, it missed the second co-primary endpoint, the firm notes. Importantly, seli-rux showed a significant overall survival benefit with 4.7% deaths vs. 10.2% on ruxolitinib at about 12-month follow-up. Karyopharm plans to meet with FDA to discuss potential sNDA submission for seli-rux in myelofibrosis. While seli-rux miss on Abs-TSS introduces some uncertainty into the likelihood of approval in myelofibrosis, Piper believes the rapid and profound SVR-35 reduction coupled with the OS benefit could be used to gain approval.