In a report released today, Mark Breidenbach from Oppenheimer maintained a Buy rating on Compugen Ltd (NASDAQ: CGEN), with a price target of $9. The company’s shares opened today at $3.70.
Breidenbach commented:
“Monday, Compugen announced that the FDA had cleared the IND for COM701. The company’s lead oncology program had been on clinical hold since April due to protocol modifications requested by the FDA, including a lower starting dose. Compugen successfully addressed the FDA requests and is currently in the process of initiating trial sites. The drug will be evaluated in patients with solid tumors, and we expect the first Phase 1 patient to be dosed with COM701 monotherapy by early fall. Separately, Compugen announced that the FDA had cleared Bayer’s IND for BAY1905254, which is based on Compugen’s ILDR2 checkpoint modulator. Recently bolstered by a $21M financing, we estimate Compugen has adequate cash to sustain operations until 2Q19. Reiterate Outperform and $9PT.”
According to TipRanks.com, Breidenbach is a 4-star analyst with an average return of 13.2% and a 41.4% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Iovance Biotherapeutics Inc, Alpine Immune Sciences Inc, and Global Blood Therapeutics.
Currently, the analyst consensus on Compugen Ltd is a Moderate Buy with an average price target of $9.
See today’s analyst top recommended stocks >>
The company has a one-year high of $5 and a one-year low of $2.25. Currently, Compugen Ltd has an average volume of 254.2K.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Compugen Ltd. engages in the research, development, and commercialization of therapeutic and diagnostic biomarker product candidates including proteins and monoclonal antibodies. It focuses its research and development on immuno-oncology and autoimmune diseases.
