Stifel lowered the firm’s price target on Compass Therapeutics (CMPX) to $6 from $12 and keeps a Buy rating on the shares. The firm believes event-driven COMPANION-002 secondary endpoint data firmly establishes the efficacy of tovecimig as the debate now shifts to how the FDA will choose to interpret the data. While acknowledge a number of questions will dominate the near-term narrative, the firm reiterated its Buy rating based on tovecimig optionality and an underappreciated earlier-stage pipeline delivering important near-term catalysts.
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