Jefferies analyst Roger Song upgraded CytomX Therapeutics (CTMX) to Buy from Hold with a price target of $8, up from $2.50, ahead of the company’s expected release of initial Phase 1a data from CX-904 at 5 pm ET on May 8. Given the timing is earlier than previous guidance, the firm, and investors, expect to see proof-of-concept results including mitigating EGFR and CD3 mediated systemic toxicity and anti-tumor activity, says the analyst, who is adding ‘904 into Jefferies’ model with “conservative assumptions” and assuming co-development with partner Amgen (AMGN).
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