Compugen price target lowered to $8 from $12 at Oppenheimer

Oppenheimer analyst Mark Breidenbach lowered the firm’s price target on Compugen to $8 from $12 but keeps an Outperform rating on the shares. The analyst says the company missed his expectations on Q3 earnings due to higher-than-expected R&D expense, and based on the latest cash burn guidance from management, he expects Compugen’s $88.2M end-quarter cash position to sustain operations into late 2024. Breidenbach adds however that Compugen’s clinical results were accompanied by a "wealth of translational data" demonstrating successful inflammation of immunologically "cold" tumors.