Jefferies analyst Maury Raycroft initiated coverage of Compass Therapeutics with a Buy rating and $8 price target. Compass is advancing lead asset CTX-009 into a registrational biliary tract cancer, or BTC, trial, where the firm sees a good chance of CTX-009 "replicating prior data that showed impressive signal." In addition, phase 2 colorectal data due in Q3 could de-risk a larger market opportunity, the analyst tells investors. Given that the firm estimates about $750M peak sale for just these first two opportunities, it argues that the current $500M market cap undervalues Compass.
Published first on TheFly
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