Oppenheimer positive on CytomX after Merus colon cancer data

Oppenheimer says Merus’ (MRUS) colon cancer data update reinforces its “enthusiasm” for CytomX Therapeutics’ (CTMX) dose expansion data. The Merus Phase 2 results reinforce that objective responses are hard to come by in colorectal cancer, the analyst tells investors in a research note. The firm believes the recent run in CytomX shares suggests people are becoming more comfortable with CX-2051’s risk-to-benefit. CX-2051 “continues to stand out from the pack,” Oppenheimer contends. It reiterates an Outperform rating on the shares with a $7 price target.