Maintaining a Buy on Pyxis: Early MICVO Efficacy, Dose Optimization, and 2026 Data as the Next Major Catalyst

Analyst Sam Slutsky of LifeSci Capital maintained a Buy rating on Pyxis Oncology, reducing the price target to $5.00.

Sam Slutsky has given his Buy rating due to a combination of factors tied to both the clinical profile of MICVO and the company’s future data catalysts. He highlights that early Phase 1 results in HNSCC exceeded his prior efficacy expectations, particularly in heavily pretreated patients where response rates substantially outperformed the mid‑30% threshold he had set as a success bar. While the initial data were complicated by Grade 3 treatment‑related adverse events and very small cohort sizes, he notes that Pyxis is already adjusting its dosing strategy to an adjusted‑ideal bodyweight approach to improve tolerability and optimize the risk‑benefit profile going forward.

At the same time, Slutsky underscores that the next key inflection point will be the larger, more mature 2026 data updates, which should provide a much clearer picture of MICVO’s true potential. Management’s indication that enrollment is accelerating and approaching a “hockey‑stick” phase supports the expectation that upcoming monotherapy and combo datasets will be meaningfully larger and more informative. Despite the recent sharp share price decline and a cash runway of roughly one year, he appears to believe that the downside has been over‑discounted relative to the upside if forthcoming data confirm the early efficacy signal, justifying a continued Buy recommendation while adjusting his price target to reflect the updated risk‑reward balance.

In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $7.00 price target.