Raymond James analyst Sean McCutcheon downgraded Compass Therapeutics (CMPX) to Market Perform from Outperform with no price target after Compass disclosed survival outcomes from COMPANION-002, the Phase 3 trial of tovecimig in combination with paclitaxel for the treatment of second line biliary tract cancer. The dataset “sits within the true bear scenario from our preview of the readout,” says the analyst, whose confidence in the approval and a potential commercialization of tovecimig in 2L BTC is reduced.
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