Pyxis Oncology(PYXS) Benzinga·2024-11-21 14:18Core Insights - Pyxis Oncology, Inc. released preliminary data from a Phase 1 clinical study of PYX-201, showing a 50% objective response rate in Head and Neck Squamous Cell Carcinoma patients [1] - The company has entered a Clinical Trial Collaboration Agreement with Merck to study PYX-201 in combination with Keytruda for various cancers [2] - Analysts have reduced the probability of success for PYX-201 to 10% from 35%, with an updated fair value of 4.25 per share [7] Group 1: Clinical Data and Studies - In the ongoing Phase 1 study, among 6 evaluable HNSCC patients treated with PYX-201 at doses of 3.6 – 5.4 mg/kg, there was a confirmed 50% objective response rate, including one complete response and two partial responses [1] - A combination study of PYX-201 and Keytruda is planned for 1L and 2L HNSCC, HR+/HER2- breast cancer, TNBC, and sarcoma, with preliminary data expected in the second half of 2025 [3][5] - Exploratory Phase 1 monotherapy expansion cohorts for PYX-201 are planned for ovarian cancer, NSCLC, HR+/HER2 breast cancer, TNBC, and sarcoma, with preliminary data also expected in the second half of 2025 [4] Group 2: Market and Analyst Insights - William Blair analysts noted that PYX-201 shows limited effectiveness outside of head-and-neck cancer, with only 8.7% of patients responding to the drug at tolerable doses [6] - The stock is expected to trade around 1.77 per share for PYX-201 and $1.07 for remaining cash by late 2025 [8] - Pyxis has been downgraded to Market Perform due to challenges in differentiating head-and-neck cancer results and modest activity in other solid tumor types [8]