William Blair analyst Andy Hsieh last night initiated coverage of Mersana Therapeutics (MRSN) with an Outperform rating. The firm believes Mersana offers investors a risk/reward skewed to the upside through exposure to the “rapidly expanding” field of antibody-drug conjugates. Mersana’s target and secondary indications offer a significant total addressable market opportunity, the analyst tells investors in a research note. Blair says several near- to midterm datasets could provide further validation for Mersana’s approach.
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