Analyst Initiates Buy on Muza Developer, Citing Promising MSS CRC Data, Clear Registrational Path, and Broader Expansion Upside Despite Cash Constraints

Analyst Charles Zhu of LifeSci Capital maintained a Buy rating on Adagene, with a price target of $8.00.

Charles Zhu has given his Buy rating due to a combination of factors, primarily centered on the promising clinical profile of muza and its strategic positioning in difficult-to-treat colorectal cancer. He highlights dose-responsive efficacy with manageable safety in late-line MSS CRC NLM, which appears competitive versus current standards, and sees the ongoing randomized Phase 2 study—already enrolling faster than expected—as an important value inflection with data that could emerge by early 2027.

He also points to a clearly envisioned registrational path, including a potential 400–500 patient Phase 3 with overall survival as the primary endpoint, and notes upside from a possible accelerated approval if objective response data are compelling, analogous to prior oncology precedents. In addition, Zhu underscores the strategic upside from the Incyte collaboration and combination data at AACR 2026, where muza demonstrated compatibility with challenging regimens like fruquintinib and encouraging signals in 1L HCC, supporting a broader expansion strategy beyond the initial MSS CRC setting despite a limited cash runway.