Ladenburg upgraded Compass Therapeutics to Buy from Neutral with a $5 price target. Driven by new pieces of data on CTX-009 for biliary tract cancers, or BTC, and colorectal cancer, or CRC, as well as shifting market sentiments on bi-specifics, the analyst is taking “a definitive position” on Compass after 20 months on the sidelines. The Phase 2/3 second-line BTC trial is set for a Q1 of 2025 data readout, with ORR as the primary endpoint, comparing CTX-009 + paclitaxel to paclitaxel alone, notes the analyst, who anticipates CTX-009 will show more durable responses, potentially improving PFS and OS as data matures in 2025, and believes the FDA will base its approval decision on DoR, PFS, and OS in 2026-2027.
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