Mersana (MRSN) PT Raised to $23 at H.C. Wainwright

H.C. Wainwright analyst Debjit Chattopadhyay raised the price target on Mersana (NASDAQ: MRSN) to $23.00 (from $16.00) while maintaining a rating.

The analyst comments "The sell-off on the news could be potentially related to: (1) the step back, which pushes relevant comparisons with peer sponsored programs into mid-2019, by our estimates; and (2) the +30% run-up in the stock since the partial clinical hold was disclosed on July 19, 2018, vs. -4% move in the XBI. Following the resumption of patient dosing, we are increasing our price target to $23 from $16; a reflection of the XMT-1522 clinical program with modest probabilities of success addressed in the valuation segment."

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