Oppenheimer bullish on Point Biopharma's radiopharmaceutical therapies

People & Technology

11/10/2022 16:48

** Cancer drug developer Point Biopharma Global Inc's shares
 PNT.O  rise 4.5% to $7.60
    ** Brokerage Oppenheimer initiates coverage of PNT with
"outperform" rating, says company has a robust pipeline to
become a leader in radiopharmaceutical therapeutic (RPT) market 
    ** Oppenheimer believes investor attention in the RPT space
has significantly increased with commercial and regulatory
successes; cites recent launch of generic drugmaker Novartis
AG's  NOVN.S  prostrate cancer therapy Pluvicto 
    ** Brokerage sets PT at $20, citing PNT's deep cancer
treatment pipeline with two late-stage lead candidates, PNT2002
and PNT2003, expected to commercialize by 2025 
    ** Brokerage believes co has more than $300 mln in cash,
which should support its business operations through 2024
    ** PNT specializes in developing radiopharmaceutical
therapies, which are designed to deliver radiation to tumors and
damage cancer cells without harming surrounding tissues 
    ** All 10 brokerages covering the stock rate "buy" or
higher; their median PT is $21
    ** Including session's gain, stock still down 35.9% YTD 
 (Reporting by Pratik Jain)
 ((Pratik.Jain@thomsonreuters.com;))