Leerink Partners analyst Andrew Berens upgraded the rating on Compass Therapeutics (CMPX – Research Report) to a Buy today, setting a price target of $6.00.
Andrew Berens has given his Buy rating due to a combination of factors including the recent positive data from the COMPANION-002 trial. The trial evaluated the combination of tovecimig (CTX-009) and paclitaxel, showing a notable improvement in efficacy compared to the control arm. Specifically, the treatment arm demonstrated a higher objective response rate, indicating that the drug is active and enhances the efficacy of paclitaxel alone.
Despite some concerns about the durability and safety of the treatment, the data is promising for second-line biliary tract cancer (BTC) patients. The results have been compelling enough for key opinion leaders to consider using the regimen as the standard of care if approved. Additionally, the company anticipates further positive results regarding progression-free survival and overall survival metrics later this year, which could support accelerated approval in this challenging treatment area.
In another report released yesterday, Stifel Nicolaus also reiterated a Buy rating on the stock with a $11.00 price target.