Innate Pharma hits record high after positive data on cancer therapy

Innate Pharma SA

17/09/2021 15:11

(Updates)
    ** U.S.-listed shares of France-based drugmaker Innate
Pharma  IPH.PA ,  IPHA.O  surge ~61% to a record high of $9.28
    ** Co says its partner AstraZeneca  AZN.L  presented early
positive results from a mid-stage study testing AZN's drug,
durvalumab, with IPHA's antibody candidate monalizumab in
patients with a type of lung cancer  urn:newsml:reuters.com:*:nGNX3jHxyg
    ** Says the combination therapy improved progression-free
survival and cancer reduction compared with durvalumab alone in
patients with unresectable, locally advanced non-small cell lung
cancer who had not progressed after chemoradiation therapy 
    ** The mid-stage study is being conducted among 189 patients
with NSCLC, which according to NIH accounts for 80% of all lung
cancer cases
    ** AZN presented the data at the European Society for
Medical Oncology Virtual Congress
    ** SVB Leerink raised its PT on IPHA to $9 from $7 before
the presentation, implying an upside of 56.5% to stock's last
close
    ** The trial is not only a major positive for IPHA promising
to revive interest in its pipeline, but for the immuno-oncology
industry as a whole, said the brokerage, which rates IPHA at
"outperform"
     ** Up to Thursday's close, stock had risen 126.89% YTD 
    
    

 (Reporting by Amruta Khandekar and Oishee Majumdar in
Bengaluru)
 ((Amruta.Khandekar@thomsonreuters.com;))