Adagene initiated with a Buy at Guggenheim on muzastotug potential

As previously reported, Guggenheim initiated coverage of Adagene (ADAG) with a Buy rating and $9 price target The company’s lead product candidate muzastotug is currently in Phase 2 for patients with late-line microsatellite stable colorectal cancer without liver metastases, notes the analyst. The company has reported “compelling” Phase 1 data for muzastotug plus pembrolizumab that exceed current standard of care benchmarks in third-line and later CRC, according to the analyst, who calls this “an area of significant unmet need.”