Shares in TESARO Inc (NASDAQ:TSRO) went ballistic on Monday following the release of Phase 3 results of its niraparib drug for ovarian cancer which showed that the drug was beneficial for 70% of all patients.
“The ENGOT-OV16/NOVA trial successfully achieved its primary endpoint in both cohorts, demonstrating that niraparib treatment significantly prolonged PFS compared to control in patients who were germline BRCA mutation (gBRCAmut) carriers and in patients who were not germline BRCA mutation (non-gBRCAmut) carriers,” the company release said.
Tesaro is a cancer-focused biopharmaceutical company.
TESARO Inc (NASDAQ:TSRO): From 37 to 118 in 3.5m
Niraparib has helped catapult Tesaro from a price of $37.21 on June 28 to $117.91 yesterday. That’s a 217% return in just 3-1/2 months.
Tesaro scaled an all-time high on Monday.
Nirapirb is a PARP inhibitor, PARPS being enzymes used to repair damaged DNA. Inhibiting those enzymes may be a way to treating certain cancers.
The drug is an oral, once-daily that is currently being evaluated by Tesaro in four ongoing pivotal trials.
TESARO Inc (NASDAQ:TSRO): Flood of upgrades
Following the release of trial results, analysts rushed to upgrade or boost price targets for Tesaro.
Wedbush reiterated their Outperform rating but raised their price target from $107-$139.
RBC Capital Markets kept in place their Outperform rating but moved up the price target from $122 to $128.
FBR & Co reaffirmed their Outperform rating and jacked up the price target from $102 to $115.
Baird analyst Michael Ulz also kept intact an Outperform but improved the target price to $120.
On the other hand, analysts at BofAMerrill Lynch upgraded Tesaro from Neutral to Buy with a price target of $123.00.