Stifel analyst Stephen Willey raised the firm’s price target on Crescent Biopharma (CBIO) to $32 from $28 and keeps a Buy rating on the shares. The firm believes the Kelun deal creates “greater pipeline and CR-001 development and optionality,” with Crescent “securing ex-Greater China rights to an ADC with a clinically-validated target antigen and linker/payload and positioning itself to leverage data generated from Kelun’s interrogation of CR-001-based combinations with its other ADCs.”
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