Bullish Outlook On Instil Bio’s Investigational Cancer Drug: Jefferies Sees Over 300% Stock Upside
Jefferies upgraded Instil Bio (NASDAQ:TIL), noting that 2024 was a banner year for the PD-(L)1xVEGF class.
Summit Therapeutics’ (NASDAQ:SMMT) data from the primary analysis of the Phase 3 HARMONi-2 trial of ivonescimab conducted in China demonstrated a statistically significant improvement in progression-free survival compared to monotherapy Merck & Co Inc’s (NYSE:MRK) Keytruda (pembrolizumab).
The trial update sparked industry buzz and drove Summit Therapeutic’ stock up around 150%, BioNTech SE (NASDAQ:BNTX) up ~40%, and Instil Bio up ~500%.
Jefferies estimates the PD-(L)1xVEGF class could reach over $40 billion, similar to the PD-(L)1 class.
Analyst Kelly Shi expects the hype to continue in 2025 with two key upcoming catalysts: Ivonescimab HARMONi-2 overall survival data (expected in YE25/Early26) …
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