Zentalis Pharmaceuticals (NASDAQ:ZNTL) shares rose 4.4% in pre-market trading after Leerink Partners assumed coverage of the biotechnology company with an Outperform rating and an $8 price target.
The rating compares with Leerink’s previous Market Perform recommendation and $4 price target.
Leerink’s assessment focuses on Zentalis’ lead oncology candidate azenosertib, an investigational WEE1 inhibitor being developed for platinum-resistant ovarian cancer.
Azenosertib Data Scheduled for ESMO Congress
Zentalis is scheduled to present overall survival data from Part 1b of its DENALI study at the European Society for Medical Oncology Congress in Madrid on October 23.
The company is expected to deliver the results through a rapid oral presentation.
A trial-in-progress poster covering the Phase 3 ASPENOVA study is scheduled to follow on October 26.
The upcoming presentations are expected to provide further information on the clinical development programme for azenosertib.
Across 10 firms covering Zentalis, the average 12-month analyst price target is approximately $6.75, according to the figures cited in the source.
Shares Advance as Broader Market Declines
The increase in Zentalis shares came as major US equity indices traded modestly lower. The Nasdaq declined 0.3%, while the S&P 500 fell 0.2%.
Zentalis shares have traded between $1.21 and $6.95 over the past 52 weeks.
The company’s upcoming ESMO presentations on October 23 and October 26 will provide additional clinical information on the azenosertib programme and the ongoing Phase 3 ASPENOVA trial.