Stifel Reiterates Buy Rating on Compugen (CGEN)

Stifel analyst Stephen Willey reiterated a Buy rating and $4.00 price target on Compugen (NASDAQ: CGEN).

The analyst commented, "We view management’s decision to deprioritize clinical development of the triplet regimen in MSS mCRC patients (± liver metastases) as a relatively unsurprising disclosure given 1) the historical challenges of IO-mediated therapy in this patient population; 2) the uncertainty of previous data generated with COM701-containing regimens in this tumor type (i.e. one unconfirmed response, one response observed at a sub-therapeutic dose); and 3) the low likelihood an incremental 20 patients of uncontrolled data would have sufficiently informed a more resource-intensive path forward. However, the preemptive nature of this disclosure ahead of the presentation of this data at ASCO removes a potential near-term catalyst and now places greater emphasis/importance on YE24 triplet data in PROC as an opportunity to reinforce our scarcity value thesis surrounding COM701 and establish investor confidence in a wholly-owned pipeline capable of complementing the GILD/AZN collaborations. Updated model largely reflects lower FY24+ OpEx estimates. Remain Buy-rated."

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

Shares of Compugen closed at $2.11 yesterday.

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