Truist Securities initiated protection on Longboard Prescription drugs, Inc. LBPH, citing it as a CNS-focused biotech with high-value epilepsy property.
The corporate plans to advance its lead drug bexicaserin (LP352), into the Section 3 program later this yr.
The FDA has granted Breakthrough Remedy designation for bexicaserin for seizures related to Developmental and Epileptic Encephalopathies (DEEs) for sufferers two years of age and older.
Earlier this yr, Longboard reported topline knowledge from the PACIFIC Section 1b/2a trial evaluating bexicaserin in members with DEEs.
Lately, the corporate revealed interim outcomes from its ongoing 52-week open-label extension of the PACIFIC Examine evaluating bexicaserin (LP352) in members ages 12-65 with DEEs.
Bexicaserin achieved an general median seizure discount of 57.7% in countable motor seizures over an approximate 9-month therapy interval.
Longboard can also be evaluating LP659, which is in improvement for the potential therapy of uncommon neuroinflammatory circumstances.
Truist writes bexicaserin is aggressive to present market chief UCB SA UCBJY UCBJF Fintepla (fenfluramine) in epilepsy.
The analyst initiates with a Purchase score and a worth goal of $60.
Fintepla is on monitor for roughly $1 billion in estimated gross sales by 2027 per UCB Pharma.
The analyst notes that, not like fenfluramine, bexicaserin doesn’t bind to the 5HT2B receptor, which is linked to the heart-related uncomfortable side effects seen with Fintepla.
“Primarily based on bexicaserin’s superior security and comparable efficacy to Fintepla, we expect bexicaserin couldn’t solely displace Fintepla but in addition additional develop the market, which stays under-penetrated at round 5%,” Truist analyst writes.
Worth Motion: LBPH inventory is up 0.20% at $34.58 ultimately test Tuesday.
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