Tiziana Life Sciences Ltd (NASDAQ:TLSA) saw Lucid Capital Markets raise its 12-month price target on the company to $9 from $8, while maintaining a “Buy” rating, following updated clinical data for its lead drug candidate, foralumab, in multiple neuroinflammatory conditions.
In a note to clients, the firm wrote that it is “increasingly confident on the potential success of foralumab in multiple neuroinflammatory conditions.”
The revised target follows updated data from Tiziana’s expanded access program evaluating intranasal foralumab in patients with non-active secondary progressive multiple sclerosis (na-SPMS), as well as early imaging results from an ongoing Phase 2a study in Multiple System Atrophy (MSA).
According to the analysts, long-term data from 14 na-SPMS patients suggested disease stabilization, reductions in fatigue, and continued tolerability over extended treatment periods, with “no new safety signals identified.”
Lucid Capital noted that the foralumab-treated cohort demonstrated “a favorable trend toward reduced confirmed disability progression” compared with reference arms from the Phase 3 HERCULES trial evaluating tolebrutinib in non-relapsing SPMS.
The report also highlighted improvements in fatigue, noting that “nine out of fourteen patients (64%) achieved a clinically meaningful improvement” on the Modified Fatigue Impact Scale.
Foralumab is a fully human anti-CD3 monoclonal antibody administered intranasally. The therapy is designed to induce regulatory T cells and modulate inflammatory immune responses through mucosal immune pathways.
The analysts also referenced recent imaging data from Tiziana’s ongoing MSA study, where the first two treated patients demonstrated reductions in neuroinflammatory activity based on PET scans. Quantitative analysis showed reductions of up to about 35% in standardized uptake value (SUV) and about 24% in standardized uptake value ratio (SUVR) in affected brain regions following treatment.
According to the firm, “the magnitude of PET signal reduction appeared robust” and comparable to anti-inflammatory imaging changes previously observed in multiple sclerosis patients treated with intranasal foralumab.
Lucid Capital said the MSA study represents one of the first clinical efforts aimed at targeting adaptive immune dysfunction and neuroinflammation in MSA using an anti-CD3 immunotherapy approach.
The firm said its $9 price target is based on a probability-adjusted net present value analysis of potential future cash flows from foralumab in non-active SPMS. The valuation assumes a 45% probability of success, a 21% tax rate, and a 15% discount rate through 2043.
Shares traded hands at $1.40 on Tuesday afternoon, up almost 4%.