Oppenheimer upgraded Chemomab Therapeutics to Outperform from Perform with a $6 price target, heading into the anticipated mid-year Phase 2 readout for Chemomab’s monoclonal antibody CM-101 in primary sclerosing cholangitis. The firm believes that CM-101 is likely to produce a positive signal for the upcoming 15-week readout with respect to key fibrosis biomarkers, which should support advancing the program. Given that Chemomab is trading below cash, with a $10M market cap, versus projected Q1 cash of $16M, Oppenheimer sees limited downside and significant upside going into the data.
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