Selected stock price target news of the day - June 28, 2023

By Matthew Otto

Black Diamond Therapeutics Announces BDTX-1535 in Phase 1 Clinical Trial for Lung Cancer Treatment

Black Diamond Therapeutics has announced initial clinical data from the Phase 1 study of BDTX-1535, a fourth-generation epidermal growth factor receptor (EGFR) MasterKey inhibitor. This drug, currently in development for the treatment of non-small cell lung cancer (NSCLC) and glioblastoma multiforme (GBM), has shown activity in NSCLC patients harboring both acquired resistance and intrinsic driver EGFR mutations.

BDTX-1535 is the first EGFR Tyrosine Kinase Inhibitor (TKI) to demonstrate radiographic responses across a range of NSCLC patients, including those with acquired resistance mutations post-osimertinib therapy and those with cancers driven by classical and intrinsic driver mutations. The company plans to collaborate with the FDA to define their Phase 2 dose selection strategy and potentially discuss a path to accelerated approval for this drug.

Non-small cell lung cancer (NSCLC) is the most common type of lung cancer, accounting for approximately 85% of all cases. It is a malignant condition that affects the tissues of the lungs and can spread to other parts of the body. NSCLC is generally divided into three subtypes: adenocarcinoma, squamous cell carcinoma, and large cell carcinoma.

Analysts Provide Mixed Recommendations for Black Diamond Therapeutics Following Clinical Data Release

HC Wainwright analyst Robert Burns has upgraded from Neutral to Buy, maintaining a price target of $11.
Stifel analyst Bradley Canino has reiterated his position, maintaining a Hold recommendation and a $2 price target.
Wedbush analyst Robert Driscoll has upgraded from Neutral to Outperform, and the price target from $3 to $10.

Analyst Robert Driscoll (WEDBUSH) has currently the highest performing score on BDTX with 1/4 (25%) price target fulfillment ratio. His price targets carry on an average of $10.43 (67.41%) potential upside and are fulfilled within an average of 48 days.

Delta Air Lines Raises Q2 Forecast and Expects Full-Year Earnings at the High End of Estimates

Delta Air Lines has increased its financial forecast for Q2 2023, as well as for the full year, attributing the upgrade to strong travel demand and an uptick in premium fare purchases. The company now predicts Q2 earnings per share between $2.25 and $2.50, an increase from the previous estimate of $2 to $2.25. The airline also expects full-year adjusted earnings of $6 per share.

Delta is also benefitting from a 30% decrease in jet fuel prices compared to the previous year. The airline expects revenue per available seat mile (an important airline industry metric) to increase by up to 18% compared to the previous year, beating an earlier forecast of 15% to 17% growth.

Wall Street Action

Susquehanna analyst Christopher Stathoulopoulos: Remains in a Positive rating and raises the price target from $45 to $54.
Goldman Sachs analyst Catherine O’Brien: Stays on a Buy rating and raises the price target from $42 to $52.
Morgan Stanley analyst Ravi Shanker: Reiterates an Overweight rating and a $70 price target.
Jefferies analyst Sheila Kahyaoglu: Maintains a Buy rating and raises the price target from $45 to $50.
BofA Securities analyst Andrew Didora: Reiterates a Buy rating and raises the price target from $40 to $48.

Analyst Brandon Oglenski (BARCLAYS) has currently the highest performing score on DAL with 31/36 (86.11%) price target fulfillment ratio. His price targets carry on an average of $8.55 (43.34%) potential upside and are fulfilled within an average of 547 days.

FDA Declines Regeneron’s Approval of Higher-Dose Eylea

A recent setback for Regeneron Pharmaceuticals in their bid to have a higher-dose version of their drug, Eylea, approved by the U.S. Food and Drug Administration (FDA). Eylea is used to treat a disease called wet age-related macular degeneration (AMD). Approximately 20 million people in the United States have AMD, and nearly 1.5 million Americans have the advanced form of the disease.

The FDA, however, issued a complete response letter which asks a reply for unanswered questions. However, the letter does not indicate issues with the drug’s efficacy, safety, trial design, labeling, or substance manufacturing, and does not request additional clinical data or studies. The regulator’s concerns seem to be focused on inspection findings at a third-party filler of the higher dose.

Analysts Provide Diverse Ratings and Price Targets for Regeneron

Canaccord Genuity analyst John Newman has downgraded from Buy to Hold and the price target from $953 to $720.
Truist Securities analyst Robyn Karnauskas has reiterated a Buy rating and a price target of $1050.
RBC Capital analyst Brian Abrahams has reiterated a Sector Perform rating, maintaining a price target of $816.
Barclays analyst Carter Gould has downgraded the price target to $888 from $915.
Jefferies analyst Akash Tewari has lowered the price target to $870.
Wells Fargo analyst Mohit Bansal has dropped the price target to $875.

Analyst Tyler Van Buren (COWEN) has currently the highest performing score on REGN with 6/8 (75%) price target fulfillment ratio. His price targets carry on an average of $25.94 (3.56%) potential upside and are fulfilled within an average of 16 days.