Loxo Oncology (LOXO) Releases LOXO-101 Data; Oppenheimer Raises Price Target to $30

Oppenheimer reiterated an Outperform rating on Loxo Oncology (NASDAQ: LOXO), and raised the price target to $30.00 (from $25.00), following the company's presentation of Phase-1 data for LOXO-101. The data showed objective responses in three of three evaluable patients with TRK-fusion mutations with no Grade 4 AEs related to LOXO-101.

Analyst Christopher Marai commented, "On November 8, Loxo presented Phase-1 data for LOXO-101 at the AACR-NCIEORTC annual meeting, which showed objective responses in three of three evaluable patients with TRK-fusion mutations with no Grade 4 AEs related to LOXO-101. The responses happened rapidly (first restaging) and have shown initial signs of durability (one STS patient on drug 8+ months), although data is early, and we will look for durability across tumor types at next update. We view this data positively and are raising our price target to $30 from $25, lowering our discount rate as data continues to de-risk the approach. We view LOXO-101's strategy as inherently less risky, warranting a lower discount to peers. We note patient identification is A lower risk process than drug development, and diagnostics are moving rapidly into clinical practice."

For an analyst ratings summary and ratings history on Loxo Oncology click here. For more ratings news on Loxo Oncology click here.

Shares of Loxo Oncology closed at $23.25 yesterday.

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