Piper Sandler has lowered Sutro Biopharma's share price target to $11 from $12 but maintains an Overweight rating on the company. Sutro Biopharma has entered a partnership with Ipsen, receiving a $50 million upfront payment and a $25 million equity investment. The deal includes potential milestones exceeding $800 million and royalties in the low-double digit to mid-teens range. Sutro is enrolling participants for the Phase II segment of the REFRaME-O1 trial and plans to initiate the REFRaME-P1 trial for pediatric AML in the second half of 2024. The company also intends to submit an Investigational New Drug (IND) application for luveltamab in non-small cell lung cancer (NSCLC) in the first half of 2024. Sutro ended 2023 with $376 million in cash reserves and has raised an additional $75 million. The revised price target reflects the dilutive impact of recent financing, but Piper Sandler remains positive on Sutro Biopharma's growth prospects and pipeline development. [4dfe3de9]
Telix Pharmaceuticals has reported unaudited total revenue of approximately $124 million for Q2 2024, representing a 55% increase from the prior corresponding quarter. Revenue generated from sales of Illuccix® in the United States was approximately $121 million. The company has upgraded its revenue guidance for FY2024 to be in the range of $490 million to $510 million. Telix continued to progress its theranostic pipeline, including positive data from prostate cancer therapy programs TLX591 and TLX592. Telix is also progressing marketing authorization applications for its precision medicine portfolio, including TLX007-CDx, TLX250-CDx, and TLX101-CDx. The company expects to receive a regulator's assessment report from the UK Medicines & Healthcare Products Regulatory Agency by the end of July 2024. Telix welcomes proposed changes for the Hospital Outpatient Prospective Payment System rule in the U.S. that would improve payments to Medicare patients for diagnostic radiopharmaceuticals. Telix is a biopharmaceutical company focused on the development and commercialization of therapeutic and diagnostic radiopharmaceuticals. [8ffbe1c8]