CytomX Therapeutics price target raised to $10 from $6.50 at Piper Sandler

Piper Sandler raised the firm’s price target on CytomX Therapeutics (CTMX) to $10 from $6.50 and keeps an Overweight rating on the shares. Initial Phase I data on varsetatug maseatecan showed doses of 7.2-10mg/kg achieved an impressive 28% overall response rate, 94% disease control rate and preliminary median progression-free survival of 5.8 months in third line and later metastatic colorectal cancer, the firm notes. CytomX will update on about 100 mCRC patients across 7.2mg/kg, 8.6mg/kg and 10mg/kg q3W varsetatug maseatecan expansion cohorts this quarter. Piper expects to see dose dependent ORR and PFS benefit across varsetatug maseatecan doses.