 The Phase 2 study of Ayala Pharmaceuticals Incs NASDAQ: AYLA AL101 candidate is scheduled to begin in the back half of this year.Although the first data from the study could come during 2021, a safety assessment of the first six patients may be available by the close of 2020, according to Raymond James.The Ayala Pharmaceuticals Analyst: Dane Leone initiated coverage of Ayala Pharmaceuticals with an Outperform rating and 24 price target. The Ayala Pharmaceuticals Thesis: AL101 for adenoid cystic carcinoma ACC is the lead clinical program, which involves subjects with notch-activating mutations that are either newly diagnosed with metastatic ACC or have progressed after prior therapy, Leone said in the Tuesday initiation note. See his track record here.Clinicians involved with the program indicate that the candidates 4mg dosage is well-tolerated, and that the 6mg dosage could improve clinical response, the analyst said. AL101 will also be evaluated for the treatment of heavily pre-treated patients with triple-negative breast cancer and notch-activating mutations. Since the Phase 1 study results involved a combination agent approach, the data is difficult to interpret for the dosage being used in the Phase 2 study, he said. The objective response rate of around 36 compares favorably with the standard of care, Leone said. While Ayala Pharmaceuticals is developing AL102 as an oral, selective gamma secretase inhibitor for desmoid tumors and multiple myeloma, this is not included in the estimates, the analyst said. AYLA Price Action: Shares of Ayala Pharmaceuticals were up 2.11 at 14.50 at the time of publication Wednesday.Related Links:The Week Ahead In Biotech: ASCO, Menlo And Merck FDA Decisions, IPOs In The SpotlightThe Daily Biotech Pulse: Keytruda Setback For Merck, Denali Pulls The Plug On Neurological AssetLatest Ratings for AYLA DateFirmActionFromTo Jun 2020Raymond JamesInitiates Coverage OnOutperform Jun 2020OppenheimerInitiates Coverage OnOutperform Jun 2020CitigroupInitiates Coverage OnBuy View More Analyst Ratings for AYLA View the Latest Analyst RatingsSee more from Benzinga BofA Downgrades Western Union On Valuation, Says Visibility Limited BofA Raises Amazon Target On Sales Upside, Accelerating Unit Growth KeyBanc Upgrades Wix On Digital Acceleration TailwindsC 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. 