Compugen price target raised to $13 from $10 at Leerink

Leerink raised the firm’s price target on Compugen (CGEN) to $13 from $10 and keeps an Outperform rating on the shares. Compugen’s partner AstraZeneca’s (AZN) continued expansion of rilvegostomig meaningfully derisks the royalty stream to Compugen, minimizing capital risk and setting a baseline valuation for Compugen, in the firm’s view. Earlier-stage assets including the company’s wholly owned COM701 and COM503 provide additional upside, Leerink adds.