Monopar Therapeutics initiated with an Outperform at Leerink

Leerink initiated coverage of Monopar Therapeutics (MNPR) with an Outperform rating and $115 price target The firm notes lead asset ALXN1840 produced positive data in the Phase 3 FoCus study, which combined with long-term data and anecdotal reports of substantial patient benefit noted by physicians and the company, provides Leerink with relative optimism that the totality of the data supports a regulatory submission with the FDA and an eventual approval. The firm assumes gross peak sales of about $1.3B for ALXN1840 in Wilson disease. Based on the positive data generated and stage of development, Leerink ascribes a 65% probability of success. Further, the firm thinks shares can move higher over the next 12+ months with regulatory progress and a commercial launch on the horizon.