Pyxis Oncology resumed with a Buy at Stifel

Stifel analyst Stephen Willey resumed coverage of Pyxis Oncology (PYXS) with a Buy rating and $9 price target The firm believes micvotabart pelidotin is “a convention-defying ADC intentionally designed to better-optimize what Enhertu achieves serendipitously” and believes Phase 1 dose-escalation data establishes clear mechanistic proof-of-concept, the analyst tells investors. The firm sees year-end disclosure of preliminary MICVO data supporting a registration-directed effort as a second-line and later SCCHN agent in a competitively-nascent, soon-to-be multi-billion-dollar total addressable market, the analyst added.