Mitchell Kapoor, an analyst from H.C. Wainwright, reiterated the Buy rating on Crescent Biopharma. The associated price target remains the same with $25.00.
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Mitchell Kapoor’s rating is based on the recent success of ivonescimab in the HARMONi-A study, which demonstrated a significant overall survival benefit in a specific lung cancer setting. This success validates the potential of Crescent Biopharma’s CR-001, which is designed to replicate ivonescimab’s pharmacological profile. The positive outcome of the HARMONi-A study reduces the risk associated with CR-001 and strengthens confidence in its future performance.
Furthermore, the design of CR-001, which mirrors ivonescimab, suggests a promising efficacy trajectory, supported by preclinical data. The validation of the PD-1 x VEGF class in various cancer settings highlights the potential market opportunity for CR-001, which could become a significant player in the multi-billion dollar market. Additionally, the valuation gap between Crescent and its peers suggests a potential for significant upside, making the stock an attractive investment opportunity.
In another report released yesterday, LifeSci Capital also initiated coverage with a Buy rating on the stock with a $22.00 price target.