Checkpoint Therapeutics: B. Riley starts with 'buy' on lead drug potential

Checkpoint Therapeutics

09/06/2021 14:16

** B. Riley Securities initiates coverage of Checkpoint
Therapeutics Inc  CKPT.O  with "buy" rating and $18 PT
    ** PT represents an upside of 576.7% to stock's last close
    ** CKPT shares soar 33.5% to $3.55 in premarket trade -
highest since March 22
    ** Brokerage believes investors do not fully appreciate the
potential of co's lead drug candidate, cosibelimab, an antibody
designed to block the PD-L1 protein commonly expressed in
cancers
    ** Brokerage conservatively estimates that cosibelimab could
achieve $1.3 bln in peak risk-unadjusted net sales in the United
States, EU and UK
    ** Says cosibelimab data so far has been comparable to
approved PD-(L)1 therapies; recommends buying stock ahead of
pivotal top-line skin cancer data readout expected in H2
    ** Current avg recommendation of five analysts on stock is
"buy"; median PT is $17 - Refinitiv data
    ** CKPT had risen marginally in value YTD, as of last close

 (Reporting by Amruta Khandekar)
 ((Amruta.Khandekar@thomsonreuters.com;))