UPDATE: BMO Capital Upgrades Constellation Pharmaceuticals (CNST) to Outperform
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BMO Capital analyst Do Kim upgraded Constellation Pharmaceuticals (NASDAQ: CNST) from Market Perform to Outperform with a price target of $50.00 (from $27.00).
The analyst comments "We upgrade CNST to Outperform from Market Perform, as we include CPI-0209 revenue projections following a Phase 2 clinical strategy in three tumor cohorts. We believe CPI-0209 introduces additional pipeline value in specific tumor types, where EZH2 inhibition is partly validated or makes biological sense. We expect interim CPI-0209 Phase 1 data in mid-2020, with a Phase 2 start shortly after. We raise our estimates and target price to $50 from $27, reflecting the addition of probability-adjusted CPI-0209 revenues."
Shares of Constellation Pharmaceuticals closed at $34.07 yesterday.
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