Citi upgraded Mersana Therapeutics to Buy from Neutral with a price target of $5, up from $1. Given the accelerating M&A activity in the broader ADC space, the firm believes the market will be receptive to revisiting Mersana now with the UPLIFT disappointment behind the company, the analyst tells investors. XMT-1660, a B7-H4 ADC being advanced by Mersana in a Phase 1 study in advanced solid tumors including TNBC, is validated by recent efficacy comps from competing B7-H4 ADCs, but with a differentiated payload that could fit well in an evolving TNBC landscape increasingly emphasizing use of Trodelvy and Enhertu, the analyst argues.
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