From Petra report today:The final 2nd line head and neck data in...

From Petra report today:

The final 2nd line head and neck data in the ASCO abstract for overall treatment group was largely consistent with interim data reported in 2021, showing efti when added to Merck’s Keytruda is doubling the number of patients who could benefit from treatment, however the median overall survival came down (now at par with Keytruda rather than superior). While there is still a compelling case just for expanding Keytruda’s reach, we believe the data in the more relevant PD-L1 positive group (to be released on 5th June at ASCO) is likely to continue to show improved survival outcomes as well making the case stronger. PD-L1 positives are the focus of the larger TACTI-003 trial in 1st line head & neck. In our view, the negative market reaction is therefore excessive and premature. No change to our view on IMM. We re-iterate our Buy and $1.28/sh TP.