Constellation Pharmaceuticals (CNST) PT Lowered to $48 at BMO Capital

BMO Capital analyst Do Kim lowered the price target on Constellation Pharmaceuticals (NASDAQ: CNST) to $48.00 (from $50.00) while maintaining an Outperform rating.

The analyst commented, "Constellation reported 1Q21 GAAP EPS of ($0.84), below our ($0.78) and Street’s ($0.79) estimates, driven by higher operating expenses. CPI-0209 Phase 2 initiated dosing in select tumor types, with Phase 1 data expected at ASCO (June 4) and potential preview in abstracts (May 19). While Pelabresib Phase 3 MANIFEST-2 started dosing, COVID-19 has slowed site initiations, with potential delay to data timing. We also expect translational data from Pelabresib Phase 2 at EHA (June 9). We increase expense estimates to reflect 1Q21, lowering our target price to $48 from $50."

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