- EF Hutton has initiated coverage of Sonnet BioTherapeutics Holdings Inc SONN with a Buy rating and a $6.70 price target.
- Sonnet’s FullyHuman Albumin Binding (FHAB) protein engineering platform uses a single-chain antibody fragment (scFv) for targeted drug delivery against solid tumors. The platform is designed to maximize the benefits of cytokines with one or two active drug compounds.
- The lead clinical candidate of Sonnet, SON-1010, is focused on immune system regulator IL-12 and its potential role in T-cells and antibody-mediated immune responses.
- While studies of the native IL-12 molecule in solid tumors have shown encouraging signs of efficacy in the past, single-agent therapy was found to be toxic. Sonnet’s latest clinical data shows that the safety of the company’s SON-1010 dosing has been reviewed for the cancer trial phase 1 clinical trials and the final dose cohort is being enrolled.
- Of the initial 15 patients from the first five SB101 cohorts evaluable for follow-up at the time of the data presentation, nine had stable disease at the first follow-up scan, with four patients showing progression from their baseline scans already.
- Price Action: SONN shares were up 35% on the last check Thursday, trading at $0.39.
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