Raymond James downgrades Curis over FDA partial clinical hold

Curis

05/04/2022 10:24

** Raymond James downgrades drug developer  CRIS.O  to
'market perform' from 'outperform' on U.S. FDA partial clinical
hold of co's blood disorder therapy trial
    * Hold placed on co's early-to-mid-stage study of drug
candidate, emavusertib, for patients who have relapsed or are
resistant to treatment for acute myeloid leukemia (AML) or
high-risk myelodysplastic syndrome
    ** Regulator has sought safety and other data, including
death of AML patient who experienced rhabdomyolysis, or muscle
tissue breakdown, among other conditions
    ** Brokerage pushes back regulatory timeline assumptions by
12-18 months for emavusertib revenue forecasts
    ** Models emavusertib commercial launch in 2027 vs prior
forecast of 2025, with peak revenue of $305 mln in 2034 vs
earlier est of $370 mln
    ** Continue to believe emavusertib has shown meaningful
clinical activity in certain patient groups but company needs to
provide more info to investors regarding ongoing clinical
studies - Raymond James
    ** Five out of six brokerages covering stock rate it 'buy',
one 'hold'; their median PT is $14

 (Reporting by Mrinalika Roy in Bengaluru)
 ((mrinalika.roy@thomsonreuters.com; within U.S. +1 646 223
8780, outside U.S. +91 806749 8325;))