Compugen price target lowered to $4 from $5 at Truist

Truist analyst Asthika Goonewardene lowered the firm’s price target on Compugen to $4 from $5 but keeps a Buy rating on the shares after its Q1 results. The firm noted that it was “dismayed” to learn that Compugen’s efforts to develop COM701+COM902 in a particularly tough indication for immunotherapy – Colorectal cancer with liver metastases – is not conducive of further development, serving as a reminder that while AI is an attractive way to identify potential drug targets, actual drug development is difficult, the analyst tells investors in a research note. Truist adds that the quarter’s silver lining is that Compugen has its engine-derived collaboration to provide near-term milestones and extend the cash runway.