On Wednesday, Jefferies reiterated a Buy rating with a stock price target of $6.00 on shares of Lava Therapeutics NV (NASDAQ:LVTX), a clinical-stage biotechnology company specializing in the development of bispecific antibodies for cancer treatment.
The company recently provided updates following its earnings announcement. Lava Therapeutics' lead program, LAVA-1207, is advancing in a Phase 1/2a study, with plans to begin combination trials with pembrolizumab, a cancer immunotherapy drug, in the second quarter of 2024.
The safety profile for the monotherapy treatment at dosage level 9 has been favorable, with the last dose-limiting toxicity (DLT) observed at dosage level 6.
Furthermore, the company has successfully managed DLTs of cytokine release syndrome (CRS) on the IL2 combination therapy by implementing premedication and step dosing strategies. Lava Therapeutics also highlighted progress in its collaboration with Pfizer (NYSE:PFE).
The EGFRd2 program, which is part of this partnership, is moving forward, and Pfizer has made a $7 million payment to Lava Therapeutics for achieving a clinical milestone.
Additionally, Lava Therapeutics is on track for an Investigational New Drug (IND) submission for its LAVA-1266 program in the second quarter of 2024. Financially, the company is in a strong position, with $95.6 million in cash reserves, which is expected to fund operations into 2026.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.