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Is it a Good Idea to Invest in Harpoon (HARP) Stock Now?
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Harpoon Therapeutics develops a novel class of T cell engagers, leveraging its proprietary Tri-specific T cell Activating Construct (TriTAC) platform. The company has made significant progress in the development of its key pipeline candidates, HPN328 and HPN217, in recent months.
In October, Harpoon Therapeutics presented positive interim data from a phase I/II study of T cell engager HPN328 in patients with small cell lung cancer (SCLC) and other neuroendocrine tumor types (such as prostate cancer, small cell cervical, small cell bladder, and large cell lung cancer) at the European Society for Medical Oncology. The preliminary response data for all tumor types and patient cohorts treated with 1 mg priming dose was 35%, including three confirmed complete responses. In SCLC, the confirmed response rate was 32%, while in other neuroendocrine tumor types, the confirmed response rate was 42%.
This was the largest data set so far for HPN328, showing compelling activity of HPN328 with the potential for best-in-class efficacy. The clinical benefit observed in the study, particularly the response data in the 1 mg priming dose cohorts, was encouraging. Based on this data, Harpoon plans to select the recommended phase II dose or doses by the of this year to study multiple tumor types like SCLC and other neuroendocrine tumor types. Harpoon will meet with regulators in the first half of 2024 to discuss its development plans for HPN328.
Harpoon is also conducting a phase I/II dose escalation study evaluating the combination therapy of HPN328 with Roche’s Tecentriq in patients with SCLC.
In October, Harpoon completed financing supported by a top-tier investor syndicate for up to approximately $150 million, which it believes will extend its cash runway into 2026. The financing will also fund its late-stage clinical studies of HPN 328 in multiple tumors.
Another important pipeline candidate is HPN217, which is being developed in a phase I study for relapsed, refractory multiple myeloma (RRMM). In September, HPN217 demonstrated early and durable responses at the target dose of 12 mg. Earlier, AbbVie (ABBV - Free Report) had an option agreement to in-license the worldwide exclusive license to the HPN217 program. However, in September, AbbVie terminated the option agreement and Harpoon now exclusively owns the program.
Harpoon’s stock has risen 39.3% so far this year against a decrease of 12.9% for the industry.
Image Source: Zacks Investment Research
Harpoon Therapeutics has a Zacks Rank #2 (Buy) currently. In the past 60 days, estimates for Harpoon Therapeutics’ 2023 loss per share have narrowed from $5.83 to $1.93. During the same period, loss per share estimates for 2024 have improved from $5.60 to $3.23 per share.
Harpoon Therapeutics’ earnings beat estimates in three of the trailing four quarters and missed the mark in one, delivering an average surprise of 47.59%.
Estimates for Novo Nordisk’s 2023 earnings per share have increased from $2.57 to $2.62 over the past 30 days. Estimates for 2024 have jumped from $2.99 per share to $3.07 over the same timeframe. NVO’s stock has surged 50.5% year to date.
Earnings of Novo Nordisk beat estimates in two of the last four quarters, missed in one and matched estimates in one, delivering an earnings surprise of 0.58% on average.
In the past 30 days, estimates for Dynavax Technologies’ 2023 loss per share have narrowed from 22 cents to 12 cents. During the same period, earnings per share estimates for 2024 have improved from 8 cents to 18 cents. Year to date, shares of DVAX have rallied 25.5%.
DVAX’s earnings beat estimates in two of the trailing four quarters and missed the mark in the other two, delivering an average surprise of 293.21%.
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Is it a Good Idea to Invest in Harpoon (HARP) Stock Now?
Harpoon Therapeutics develops a novel class of T cell engagers, leveraging its proprietary Tri-specific T cell Activating Construct (TriTAC) platform. The company has made significant progress in the development of its key pipeline candidates, HPN328 and HPN217, in recent months.
In October, Harpoon Therapeutics presented positive interim data from a phase I/II study of T cell engager HPN328 in patients with small cell lung cancer (SCLC) and other neuroendocrine tumor types (such as prostate cancer, small cell cervical, small cell bladder, and large cell lung cancer) at the European Society for Medical Oncology. The preliminary response data for all tumor types and patient cohorts treated with 1 mg priming dose was 35%, including three confirmed complete responses. In SCLC, the confirmed response rate was 32%, while in other neuroendocrine tumor types, the confirmed response rate was 42%.
This was the largest data set so far for HPN328, showing compelling activity of HPN328 with the potential for best-in-class efficacy. The clinical benefit observed in the study, particularly the response data in the 1 mg priming dose cohorts, was encouraging. Based on this data, Harpoon plans to select the recommended phase II dose or doses by the of this year to study multiple tumor types like SCLC and other neuroendocrine tumor types. Harpoon will meet with regulators in the first half of 2024 to discuss its development plans for HPN328.
Harpoon is also conducting a phase I/II dose escalation study evaluating the combination therapy of HPN328 with Roche’s Tecentriq in patients with SCLC.
In October, Harpoon completed financing supported by a top-tier investor syndicate for up to approximately $150 million, which it believes will extend its cash runway into 2026. The financing will also fund its late-stage clinical studies of HPN 328 in multiple tumors.
Another important pipeline candidate is HPN217, which is being developed in a phase I study for relapsed, refractory multiple myeloma (RRMM). In September, HPN217 demonstrated early and durable responses at the target dose of 12 mg. Earlier, AbbVie (ABBV - Free Report) had an option agreement to in-license the worldwide exclusive license to the HPN217 program. However, in September, AbbVie terminated the option agreement and Harpoon now exclusively owns the program.
Harpoon’s stock has risen 39.3% so far this year against a decrease of 12.9% for the industry.
Image Source: Zacks Investment Research
Harpoon Therapeutics has a Zacks Rank #2 (Buy) currently. In the past 60 days, estimates for Harpoon Therapeutics’ 2023 loss per share have narrowed from $5.83 to $1.93. During the same period, loss per share estimates for 2024 have improved from $5.60 to $3.23 per share.
Harpoon Therapeutics’ earnings beat estimates in three of the trailing four quarters and missed the mark in one, delivering an average surprise of 47.59%.
Harpoon Therapeutics, Inc. Price and Consensus
Harpoon Therapeutics, Inc. price-consensus-chart | Harpoon Therapeutics, Inc. Quote
Other Stocks to Consider
Some other top-ranked drug/biotech companies worth considering are Novo Nordisk (NVO - Free Report) and Dynavax Technologies Corporation (DVAX - Free Report) . While Novo Nordisk sports a Zacks Rank #1 (Strong Buy), Dynavax Technologies has a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Estimates for Novo Nordisk’s 2023 earnings per share have increased from $2.57 to $2.62 over the past 30 days. Estimates for 2024 have jumped from $2.99 per share to $3.07 over the same timeframe. NVO’s stock has surged 50.5% year to date.
Earnings of Novo Nordisk beat estimates in two of the last four quarters, missed in one and matched estimates in one, delivering an earnings surprise of 0.58% on average.
In the past 30 days, estimates for Dynavax Technologies’ 2023 loss per share have narrowed from 22 cents to 12 cents. During the same period, earnings per share estimates for 2024 have improved from 8 cents to 18 cents. Year to date, shares of DVAX have rallied 25.5%.
DVAX’s earnings beat estimates in two of the trailing four quarters and missed the mark in the other two, delivering an average surprise of 293.21%.