Leerink Partners analyst Jonathan Chang has reiterated their bullish stance on MRSN stock, giving a Buy rating on June 3.
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Jonathan Chang’s rating is based on the promising developments in Mersana Therapeutics’ Emi-Le program, particularly its Phase I dose escalation data presented at the ASCO 2025 Annual Meeting. The data, which focuses on post-Topo-I triple-negative breast cancer (TNBC), shows consistency with previous updates, maintaining a stable efficacy and safety profile. The presentation also highlighted encouraging activity in specific subgroups, such as the adenoid cystic carcinoma type I cohort, which adds to the positive outlook.
Chang’s optimism is further supported by the company’s strategic focus on TNBC, which remains a central element of their development plan for Emi-Le. The anticipated dose expansion data expected in the second half of 2025 is seen as a significant upcoming catalyst for the stock. Overall, Chang believes that the current stock levels present a favorable opportunity, with Emi-Le offering a reasonable chance of success in its targeted indications.
MRSN’s price has also changed dramatically for the past six months – from $2.300 to $0.373, which is a -83.78% drop .