Piper Sandler initiated coverage of Crescent Biopharma (CBIO) with an Overweight rating and $35 price target The firm notes the company’s lead asset CR-001 is a PD-1xVEGF bsAb designed to match ivonescimab’s cooperativity with potential for subQ administration. A Phase 1/2 is initiating in Q1 2026 to evaluate the asset in several solid tumors. Piper models three indications based on demonstrated efficacy of PD-1xVEGF bsAb in these indications, and cumulatively models about $1.4B in risk-adjusted revenues by 2036. Moreover, the company has a pipeline of ADCs and is at the forefront of this next wave of oncology development combining PD1xVEGF with ADCs.
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