Jefferies maintained a Buy rating on Compugen (NASDAQ: CGEN), and cut the price target to $9.00 (from $11.00). CGEN's drug discovery platform has yielded 11 novel immune checkpoint candidate targets, plus five targets for antibody-drug conjugates (ADCs) and four linked to tumour-associated macrophages (TAMs). Jefferies believes that the first clinical IND from the internal programmes could still be 2017E, likely for lead immune checkpoint target CGEN-15029.

Analyst Peter Welford commented, "We believe the first clinical IND from the internal programmes could still be 2017E, likely for lead immune checkpoint target CGEN-15029. Management maintains out-licensing discussions are active for other immuno-oncology targets, with deals critical to provide further validation of the platform and crystallise value, in our view. Reiterate Buy rating but trim PT to $9 from $11 largely to reflect potential dilution for funding beyond 2018E."

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 $4.50 yesterday.