Viracta Therapeutics (VIRX) PT Lowered to $4 at RBC Capital

RBC Capital analyst Kennen MacKay lowered the price target on Viracta Therapeutics (NASDAQ: VIRX) to $4.00 (from $6.00) while maintaining a Outperform rating.

The analyst comments "VIRX shared new NAVAL-1 data (Stage 1+2) that suggest stronger efficacy of Nana-val in 2L EBV+ PTCL (vs. 2L+, i.e. broad relapse/refractory). The company will now focus Nana-val's development to 2L EBV+ PTCL, which we note represents a narrower addressable market opportunity. That being said, this news is balanced by the improved clarity on Nana-val's registration path forward following the alignment with FDA on potential accelerated approval filing based on Naval-1 single-arm expansion cohort in 2026 and the RCT study to support full approval. Other notable updates include the pausing of solid tumor program to prioritize EBV+ lymphoma and the concurrent ~23% workforce reduction. On balance of the registration clarity, refocused pipeline strategy, and cash overhang (~$30M at 2Q24), we tweak our PT to $4 (from $6) and maintain our Outperform, Speculative Risk rating."

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