Compugen (CGEN) PT Raised to $24 at Truist Securities

Truist Securities analyst Asthika Goonewardene raised the price target on Compugen (NASDAQ: CGEN) to $24.00 (from $22.00) while maintaining a Buy rating.

The analyst commented, "We think CGEN's clinical updates on COM701 (on earnings call) were very impressive. But shares were -13% yesterday (vs XBI -2.4%) & stock is off more than -30% from the beginning of this week (vs XBI -8%). We believe the trading this week was largely driven by the concern that majority shareholder ARK would divest its position, and thus (in theory) may under-appreciate the very impressive signals in COM701's data & positive business updates. Further, there is a plethora of catalysts ahead that can help define the drug's potential. We encourage investors to buy on this weakness."

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