Truist upgraded Mersana Therapeutics to Buy from Hold with a $9 price target. The firm contends that investors should buy the stock on expectation that lead asset XMT-1660’s data, expected in mid-2024, will look good. The Gr5 ILD and pneumonitis reported in the ESGO abstract for discontinued XMT-1592 has given the firm pause, but the management’s explanation that this may be on-target checks out, the analyst tells investors in a research note.
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