Fusion Pharmaceuticals initiated at buy at Truist on lead candidate for solid tumors
J. Michael Jones


Truist has initiated Fusion Pharmaceuticals (NASDAQ:FUSN) at buy citing the potential of the company's lead candidate, FPI-1434, currently in phase 1 for solid tumors.
The firm has a $10 price target (~217% upside based on Thursday's close).
Analyst Nicole Germino said that initial phase 1 data for FPI-1434, which targets the cancer biomarker IGF-1R, has been promising, adding that further data in 1H 2023 could bring upside.
She sees ~400M in peak sales for FPI-1434.
Germino also wrote that the radiopharma company's technology platform, investment in reliable suppliers, and in-house manufacturing help differentiate it from peers.
In 2020, Fusion entered into a partnership with AstraZeneca (AZN) for the development of targeted alpha therapies.
In late August, Fusion (FUSN) dosed the first patient in a phase 1/2 study examining FPI-1966 in patients with advanced solid tumors.