Mersana (MRSN) PT Lowered to $3 at Baird

Baird analyst Colleen Kusy lowered the price target on Mersana (NASDAQ: MRSN) to $3.00 (from $4.00) while maintaining a Neutral rating.

The analyst commented: "Maintain Neutral rating. Mersana reported 2Q24 earnings. Most notably, XMT-1660 continues to dose escalate, and the company continues to explore dose optimization with less frequent dosing. Still no MTD has been reached, and there was no additional color given on the responses in the study (previously indicated multiple responses at lower doses). Initial data are still expected in 2H24. Overall, we remain cautious that this early XMT-1660 readout will show differentiation versus its three large pharma competitors. We are maintaining our Neutral rating and lowering our price target to $3."

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