Compass Therapeutics: Emerging Bispecific Portfolio Positions Tovecimig to Redefine Second-Line Biliary Tract Cancer Standard of Care

Matt Phipps, an analyst from William Blair, has initiated a new Buy rating on Compass Therapeutics (CMPX).

Matt Phipps has given his Buy rating due to a combination of factors related to Compass Therapeutics’ lead asset and broader pipeline. He expects the bispecific antibody tovecimig to show a meaningful improvement in progression-free survival and overall survival in previously treated biliary tract cancer, based on the favorable contrast in response outcomes between the treatment and control arms in the COMPANION-002 trial. In his view, the emerging data suggest that tovecimig could outperform the current standard FOLFOX regimen in second-line disease, positioning it as a likely new standard of care. Given an estimated 15,000 eligible U.S. patients annually and his projection of roughly $1.46 billion in peak global sales for this indication alone, he assigns substantial intrinsic value per share to this program.

Phipps also highlights additional pipeline assets that reinforce the Buy thesis. He points to CTX-8371, a PD-1xPD-L1 bispecific, as demonstrating a distinct mechanism that goes beyond conventional checkpoint inhibition by promoting functional interactions between T cells and PD-L1–expressing cells, with early but notable tumor responses in NSCLC and TNBC. He anticipates that further clinical data expected in the first half of 2026 could act as a catalyst, enhancing perceived value of this asset. Furthermore, the near-term clinical entry of CTX-10726, a PD-1xVEGF-A bispecific, and the development of the CD137 agonist CTX-471 in a targeted biomarker-selected population provide additional optionality and upside beyond what is currently reflected in his base assumptions.

In another report released yesterday, LifeSci Capital also maintained a Buy rating on the stock with a $10.00 price target.