TD Cowen analyst Tara Bancroft has maintained their bullish stance on MRSN stock, giving a Buy rating today.
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Tara Bancroft’s rating is based on the promising progress of Mersana Therapeutics’ intermediate- and high-dose expansion cohorts, which have enrolled over 45 patients. The anticipated data in the second half of the year is expected to provide insights into the efficacy, durability, and strategies to mitigate proteinuria at both dosage levels. The company has shown encouraging results, particularly with its B7H4-targeted ADC, Emi-Le, which demonstrated an increased objective response rate (ORR) in B7H4-high patients.
Mersana’s management has set a threshold for pursuing a pivotal trial, aiming for an ORR above 20% and a median progression-free survival (mPFS) close to 16 weeks. This target aligns with the intermediate-dose escalation data and represents a significant improvement over traditional chemotherapy outcomes. The company’s strategic focus on a specific patient population and the potential for better efficacy metrics contribute to the positive outlook and the Buy rating.