Checkpoint Therapeutics Inc. (CKPT:NASDAQ) is in the news with two noteworthy developments. The CONTERNO Phase 3 study, evaluating its lead drug candidate cosibelimab in non-small cell lung cancer, launched, according to a Dec. 8 research note compiled by H.C. Wainwright & Co. analyst Joseph Pantginis. Also, a potential stock moving catalyst is about to happen any day now, in the release of topline data from the trial of cosibelimab in metastatic cutaneous squamous cell carcinoma.
The immuno-oncology and targeted oncology firm has a share price now of around $2.92, and H.C. Wainwright has a $17 per share target price on Checkpoint Therapeutics. The difference suggest a substantial potential return for investors.
Pantginis reiterated the key details of CONTERNO and noted its design is like that for Keytruda's KEYNOTE-189. For the open label and randomized CONTERNO trial, about 560 patients, with previously untreated stage IV non-small cell lung cancer without EGFR or ALK mutations, will be enrolled. Enrollment is expected to take about 15 months. Participants will be recruited from 75 sites, including ones in Russia, Ukraine, Georgia, Belarus, New Zealand, Thailand, Malaysia, South Africa, Brazil, and Peru.
CONTERNO patients will be randomized on a 2:1 basis to receive cosibelimab plus pemetrexed plus the investigator's choice of platinum chemotherapy (either carboplatin or cisplatin) or only pemetrexed plus platinum. Cosibelimab is an anti-PD-L1 antibody. The primary endpoint is overall survival. Secondary endpoints include safety, progression-free survival, and overall response rate.
Pantginis noted that "CONTERNO looks to launch off of the data previously announced from the non-small cell lung cancer cohort in the Phase 1, which compares favorably to the prior established data with Keytruda and Tecentriq in patients with high PD-L1 expression."
As for Checkpoint Therapeutics' upcoming data readout, it will happen for the registrational study of cosibelimab in squamous cell carcinoma by year-end.
Subsequently, next year, the immuno-oncology firm plans to file a biologics license application in the U.S. and a marketing authorization application in Europe, both for cosibelimab. H.C. Wainwright expects both to be approved, Pantginis indicated.
"We believe cosibelimab represents a competitive asset on both efficacy and safety with an expected added advantage of lower net price," the analyst wrote. "Importantly, we continue to project increasing levels of business development discussions around the asset as we see a continuing appetite for differentiated immuno-oncology drugs, and deals continue to be consummated."
H.C. Wainwright's rating on Checkpoint Therapeutics is Buy.
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Important Disclaimers for H.C. Wainwright & Co., Checkpoint Therapeutics Inc., Dec. 7, 2021
This material is confidential and intended for use by Institutional Accounts as defined in FINRA Rule 4512(c). It may also be privileged or otherwise protected by work product immunity or other legal rules.
H.C. Wainwright & Co, LLC (the “Firm”) is a member of FINRA and SIPC and a registered U.S. Broker-Dealer.
I, Joseph Pantginis, Ph.D. and Emanuela Branchetti, Ph.D. , certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies. None of the research analysts or the research analyst’s household has a financial interest in the securities of Checkpoint Therapeutics, Inc. (including, without limitation, any option, right, warrant, future, long or short position). As of November 30, 2021 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of Checkpoint Therapeutics, Inc. Neither the research analyst nor the Firm knows or has reason to know of any other material conflict of interest at the time of publication of this research report. The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services. The firm or its affiliates received compensation from Checkpoint Therapeutics, Inc. for non-investment banking services in the previous 12 months. The Firm or its affiliates did receive compensation from Checkpoint Therapeutics, Inc. for investment banking services within twelve months before, and will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report. H.C. Wainwright & Co., LLC managed or co-managed a public offering of securities for Checkpoint Therapeutics, Inc. during the past 12 months. The Firm does not make a market in Checkpoint Therapeutics, Inc. as of the date of this research report.
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