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Shares of Y-mAbs Therapeutics (NASDAQ:YMAB) rose ~9% on Wednesday after Wedbush upgraded the cancer drugmaker following its Q1 2023 results, citing the sales of its neuroblastoma therapy Danyelza and the updates from its SADA program.
Raising his recommendation to Outperform from Neutral, the analyst David Nierengarten sees Danyelza returning to growth as its sales for Q1 2023 stood at $20.3M, indicating a 93% and 24% rise sequentially and year-over-year, respectively, ahead of the firm's forecast.
Nierengarten also highlights Y-mAbs' attempts to advance Danyelza towards additional indications, including osteosarcoma, and for newly diagnosed neuroblastoma with induction chemotherapy.
Citing the second major reason behind the upgrade, the analyst point to clarity over the company's plans for the SADA technology platform, including its April update on dosing initiation for a Phase 1 trial in certain GD2-positive solid tumors.
Highlighting an improved sales outlook for Danyelza, and after adding the SADA-GD2 program to the valuation, Wedbush upgraded the stock and raised its price target to $13 from $5 per share.