Cambridge, Massachusetts-based iTeos Therapeutics Inc. (ITOS:NASDAQ) reported Q3 2023 financial results and upcoming clinical catalysts, noted Wedbush Securities analyst Dr. David Nierengarten in a November 7 research report.
The key near-term catalysts will be Phase 2 data in 2024 for iTeos' lead asset, TIGIT inhibitor belrestotug, in combination with PD-1 inhibitor dostarlimab from GlaxoSmithKline (GSK) in NSCLC and head and neck squamous cell carcinoma (HNSCC) patients.
Per the analysts, the belrestotug-dostarlimab combo could be differentiated given prior belrestotug monotherapy data and recent positive dostarlimab results versus pembrolizumab.
Beyond NSCLC and HNSCC, belrestotug combination trials are underway in multiple myeloma, plus triplets adding experimental GSK CD96 and PVRIG inhibitors.
For A2A receptor antagonist inupadenant, iTeos is enrolling in a Phase 2 study in lung cancer and plans to start a Phase 1/2 study of inupadenant with pipeline asset EOS-984 in 2024.
The Wedbush analysts highlighted iTeos' "healthy balance sheet" funding operations through 2026 upcoming data readouts for all three clinical programs.
With shares trading below cash value, the firm sees significant upside potential and reiterates an Outperform rating with a US$33 price target.
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Disclosures for WedBush, ITeos Therapeutics, November 7, 2023
Analyst Certification We, David Nierengarten, Dennis Pak and Martin Fan, certify that the views expressed in this report accurately reflect our personal opinions and that we have not and will not, directly or indirectly, receive compensation or other payments in connection with our specific recommendations or views contained in this report.
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1. WS makes a market in the securities of iTeos Therapeutics.
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