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Oppenheimer analyst Matthew Biegler lowered the firm’s price target on Zentalis (ZNTL) to $10 from $20 and keeps an Outperform rating on the shares. The company this morning presented data for the first time in over two years, “so there’s a lot to unpack,” the analyst tells investors in a research note. The bar is 15%, and azenosertib consistently doubles that in ovarian cancer, particularly among CCNE1-high subtypes, contends the firm. Opco believes investors are “squabbling” that the duration of response was slightly under six months, a pivotal trial will take another two years, and accelerated approval isn’t a done deal. It views this as “fair” and halved its price target but thinks these results “should provide a baseline to get investors excited” about the drug in a setting where not many options exist.
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