Mersana Therapeutics initiated with a Buy at Citi

Citi analyst Ashiq Mubarack initiated coverage of Mersana Therapeutics with a Buy rating and $12 price target. He believes topline registrational data from the UPLIFT Phase 2 study evaluating upifitamab rilsodotin in platinum-resistant ovarian cancer, or PROC, will be "a catalyst of significant debate" over the next roughly six months, Mubarack tells investors. While he acknowledges the readout will be binary, he thinks investors are underappreciating UPLIFT’s probability of success. If UPLIFT is positive, he thinks shares could trade up to 100% above current levels given such a result will leave Mersana with "a clear pathway to an accelerated approval filing" by year end, the analyst added.