Analyst Maury Raycroft of Jefferies maintained a Buy rating on Compass Therapeutics (CMPX – Research Report), with a price target of $8.00.
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Maury Raycroft has given his Buy rating due to a combination of factors including the promising outlook for Compass Therapeutics’ drug candidate, tovecimig (CTX-009), especially in the treatment of biliary tract cancer (BTC). The analyst is optimistic about the upcoming Phase II/III trial results expected in March 2025, owing to the demonstrated activity of CTX-009 in previous trials conducted in Korea, with a significant overall response rate (ORR) in the patient population. Additionally, the potential market opportunity appears substantial, with limited competition in the second-line BTC treatment landscape.
Raycroft also highlights the drug’s consistent performance across various malignancies and believes that there will likely be no significant difference in treatment outcomes between Korean and U.S. BTC patients. Furthermore, the analyst notes the possibility of accelerated approval based on strong ORR data, despite a slower than anticipated event rate. Overall, these factors contribute to Raycroft’s positive outlook and Buy rating for Compass Therapeutics’ stock.