With Upcoming Ovarian Cancer Data, Analyst Sees 100% Upside For Mersana Therapeutics

• Citi initiated coverage on Mersana Therapeutics Inc (NASDAQ: MRSN) with a Buy rating and a price target of $12. 

• The analyst says the topline registrational data (expected in mid-2023) from the UPLIFT Ph2 study evaluating upifitamab rilsodotin (UpRi; NaPi2b ADC) in platinum-resistant ovarian cancer (PROC) will be a catalyst of significant debate.

• Citi analyst says that while readout will be binary, investors are underappreciating UPLIFT’s probability of success in NaPi2b-high patients, given the promising efficacy observed in Phase 1.

• If the UPLIFT study results are positive, it will lead to a clear pathway to an accelerated approval filing by YE23.

• The analyst writes that UpRi’s durability in Phase 1 was in-line or better than single-agent chemo SOC and the recently approved ADC Elahere.

• On toxicity, reduced dosing and patient selection strategies should mitigate the risk of Gr4/5 pneumonitis seen earlier in Phase 1.

• In December, Mersana announced its third significant collaboration agreement in 2022, reflecting its increasing role as an ADC partner.

• The company announced a research collaboration and commercial license agreement with a subsidiary of Merck KGaA (OTC: MKKGY) to discover novel Immunosynthen ADCs directed against up to two targets.

• Mersana received an upfront payment of $30 million and is eligible to receive reimbursement of certain costs, up to $800 million in potential milestone payments.

• Price Action: MRSN shares are up 10.48% at $6.43 on the last check Friday.

• Photo Via Company

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