POINT Biopharma Global (PNT) Stock

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Shares of Lantheus Holdings Inc. LNTH, -2.38% and Point Biopharma Global Inc. PNT, +2.26% fell sharply premarket on Monday after the companies released new data from a trial of their experimental treatment for prostate cancer. The therapy, Lu-PNT2002, met the trial's primary goal, with a median progression-free survival of 9.5 months, compared with six months for patients on an alternative treatment, an androgen receptor pathway inhibitor, the companies said in a release.

POINT Biopharma Global Inc. (PNT) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #2 (Buy).

On Tuesday, Eli Lilly agreed to acquire Point Biopharma for $12.50 per share in cash -- an 87% premium from Monday's close. The deal isn't subject to financing conditions, but still requires a license transfer approval from the U.S. Nuclear Regulatory Commission as well as the successful tender of a majority of Point's common shares outstanding by Lilly.

Point Biopharma focuses on oncology therapies. The company's lead therapy is PNT2002 to treat prostate cancer.

Shares in Point Biopharma Global jumped 84% following the announcement that pharmaceutical giant Eli Lilly and Co (NYSE:LLY) will acquire the company for $1.4 billion (£1.03 billion). The acquisition allows Lilly to expand its portfolio of experimental cancer therapies, particularly in the area of radioligand treatments.

POINT Biopharma is a leader in radioligand therapy, specializing in the development and commercialization of targeted radioligand therapies for cancer treatment. The company reported a strong financial standing with $519.2 million in cash and investments, enough to support operations until 2026. POINT's pipeline includes late-stage and early-stage programs targeting prostate cancer, neuroendocrine tumors, and various tumor types, with promising preliminary data and collaborations with reputable organizations.

POINT Biopharma has two therapies in Phase 3 development with fast track designation, which creates the potential for positive catalysts as early as this year. Positive results from the Phase 2 study of PNT2002 provide optimism for successful results in the Phase 3 SPLASH trial. I see plenty of potential stock price appreciation upon possible positive Phase 3 results and FDA approvals.