Analyst Charles Zhu from LifeSci Capital maintained a Buy rating on Crescent Biopharma and keeping the price target at $22.00.
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Charles Zhu has given his Buy rating due to a combination of factors that highlight the potential of Crescent Biopharma’s CR-001. The recent update from the HARMONi-A trial, which demonstrated statistically significant overall survival results, is a positive indicator for CBIO. Despite the challenges faced in the global HARMONi trial, the improvements observed in the HARMONi-A trial suggest that CR-001 could offer clinical benefits, particularly in non-small cell lung cancer (NSCLC) patients who have progressed on multiple lines of therapy.
Additionally, the bispecific construct of ivonescimab, which is part of CR-001, shows promise in extending benefits to other NSCLC populations, including those with low PD-L1 expression and squamous cell carcinoma. The competitive landscape in the EGFRm NSCLC space, coupled with the potential applicability of the trial results to a broader patient population, supports the positive outlook for CBIO. These factors, along with expert feedback and ongoing developments, contribute to the Buy rating for Crescent Biopharma.
In another report released on August 24, Jefferies also initiated coverage with a Buy rating on the stock with a $26.00 price target.