BTIG Starts Checkmate Pharmaceuticals (CMPI) at Buy

BTIG analyst Thomas Shrader initiates coverage on Checkmate Pharmaceuticals (NASDAQ: CMPI) with a Buy rating and a price target of $29.00.

The analyst comments "Checkmate Pharmaceuticals is developing CMP-001 to treat patients with solid tumors. CMP-001 is an optimized TRL9 agonist formulated into a virus-like particle (VLP) with a highly immunogenic protein that generates very high levels of type 1 interferons when injected into tumors. In clinical testing in over 200 patients, CMP-001 shows a monotherapy ORR of 18% and an ORR of 28% in combination with checkpoint inhibitors (CPIs) in patients that have previously failed CPIs. Both ORRs are as high, or higher than any non-cellular therapeutic in the treatment of CPI-failure melanomas. These treatment effects are accompanied by a benign safety profile with routine outpatient treatments. The first BLA for CMP-001 is expected in 2023 and additional development is expected in 1L melanoma and 1L HNSCC (head and neck cancers). Overall, we believe these treatment effects make Checkmate a core holding in the immuno-oncology space."

For an analyst ratings summary and ratings history on Checkmate Pharmaceuticals click here. For more ratings news on Checkmate Pharmaceuticals click here.

Shares of Checkmate Pharmaceuticals closed at $15.58 yesterday.

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