Compass Therapeutics price target raised to $11 from $10 at Stifel

Stifel raised the firm’s price target on Compass Therapeutics (CMPX) to $11 from $10 and keeps a Buy rating on the shares. The firm reiterated its Buy-rated thesis following the topline overall response rate data disclosure from the COMPANION-002 trial, noting that investor pushback has mostly-focused on the lower-than-hoped-for ORR differential, uncertainty with regard to response quality, and the absence of safety-tolerability data. However, Stifel believes it’s important not to lose sight on what really matters, namely that achieving statistical significance on ORR now allows for a formal statistical analysis on Medicare physician fee schedule data which now seems more likely to prove statistically significant and clinically meaningful in a no-option disease setting.