Jefferies upgraded Centessa Pharmaceuticals to Buy from Hold with a price target of $11, up from $4, after assuming coverage of the name. The analyst says the company’s strength lies in its “diversified pipeline of differentiated assets.” ORX750 is a highly potent OX2R agonist that is de-risked in narcolepsy, and proof of concept data in 2024 will be the next major catalyst, the analyst tells investors in a research note. The firm views Centessa’s oncology program “as a free call option.”
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