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RBC ups Pyxis Oncology target, says buy shares on selloff

RBC ups Pyxis Oncology target, says buy shares on selloff

RBC Capital raised the firm’s price target on Pyxis Oncology (PYXS) to $10 from $7 and keeps an Outperform rating on the shares. The initial clinical data for PYX-201 “delivered convincing efficacy data,” with 12 responses across six different tumor types, and high potency in head and neck squamous cell carcinoma, the analyst tells investors in a research note. The firm says that while concerns on safety may be weighing on Pyxis shares, the totality of the profile suggests a drug that can be well tolerated, with no related Grade 5 events, and few toxicities that are the hallmark of other antibody-drug conjugates. RBC thinks PYX-201 has demonstrated enough to support a path forward in multiple high value indications. It recommends buying the stock on weakness.

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