Shares of Beyondspring Inc (NASDAQ:BYSI) soared 170% to $26.06 after the company announced positive topline data of DUBLIN-3 trial in plinabulin in combination with docetaxel (DP) to treat 2nd and 3rd line NSCLC (EGFR wild type) compared to docetaxel alone (D) (n=559).
H.C. Wainwright upgrades BYSI to Buy from Neutral and sets target price at $100. Analyst Joseph Pantginis said, “Dublin-3 provides some beautiful summer fireworks with endpoints met, representing significant advance. This morning BeyondSpring announced the highly anticipated Phase 3 Dublin-3 data in NSCLC patients. Recall this study tested Plinabulin plus docetaxel (DP) (n=278) vs. docetaxel alone (D) (n=281) in 2L and 3L NSCLC patients who were EGFR wild type. The primary endpoint of the study, overall survival (OS) was met with p-value of 0.03 in the intent-to-treat population…
While we were cautious ahead of the NSCLC data, CIN has continued to be the primary driver of the BeyondSpring thesis. While we were 100% right on CIN (with Breakthrough Therapy designation and November 2021 PDUFA date), we were 100% wrong on NSCLC; a dramatic shift in the thesis has now taken place. On the CIN indication alone, we believe the current market cap of $377 million does not place adequate value on the CIN program alone, and was not reflective at all of the NSCLC indication; it appeared the share performance as of late also reflected caution on the Dublin-3 data.”
