Endocyte, Inc. (ECYT - Free Report) is a West Lafayette, IN-based development-stage biopharmaceutical company focused on bringing targeted therapies for the treatment of cancer and inflammatory diseases to market.
The company’s pipeline candidate 177Lu-PSMA-617 is a first-in-class radioligand and therapeutic (RLT) that targets prostate-specific membrane antigen (PSMA). The company acquired exclusive worldwide rights to develop and commercialize 177Lu-PSMA-617 from ABX GmbH in October 2017. The candidate represents a more than $1 billion market opportunity and its development is now the main priority of the company.
Currently, the company plans to focus on its most promising programs - lutetium PSMA-617 radioligand therapy and prostate cancer, and CAR T-cell small-molecule drug conjugates (SMDC) adaptor platform.
Endocyte’s earnings track record has been mixed so far. Over the four trailing quarters, the company has posted an average positive earnings surprise of 1.40%.
Currently, Endocyte has a Zacks Rank #2 (Buy), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:
Earnings: Endocyte’s second-quarter 2018 loss was narrower-than-expected. The company posted a loss of 17 cents per share narrower than the consensus estimate of a loss of 19 cents.
Key Stats: The company continued to execute rapidly on its strategy of initiating the phase III VISION study of 177Lu-PSMA-617 and securing a long-term commercial supply agreement for no-carrier added lutetium, which could support treatment of a potentially large patient population if approved. The company also expects to file an investigational new drug (IND) application for EC17/CAR T-cell therapy in patients with osteosarcoma in the fourth quarter of 2018.
Share Price Impact: The shares were up almost 2.8% in pre-market trading.
Check back later for our full write up on ECYT earnings report later!
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