Compugen Ltd Gets a Buy Rating from Oppenheimer

In a report released yesterday, Mark Breidenbach from Oppenheimer maintained a Buy rating on Compugen Ltd (NASDAQ: CGEN), with a price target of $9. The company’s shares closed yesterday at $3.45.

Breidenbach observed:

“Wednesday, Compugen announced 1Q18 results and discussed recent progress. Highlighting the partnering potential of its technology platform, Compugen recently out-licensed an undisclosed checkpoint modulator to MedImmune. Internally, Compugen has been diligently working to move COM701 into the clinic and is currently addressing FDA-requested changes to its Phase 1 protocol—given the novelty of COM701’s target (PVRIG), the FDA wants to start at a reduced dose. Without guiding a new timeframe for initiation, management suggests that the revisions should not materially affect overall development timelines, and we are cautiously optimistic that the trial could begin in the next few months. $10M upfront payment from Medimmune, we estimate Compugen has adequate cash to sustain operations through 1Q19. $9 PT.”

According to TipRanks.com, Breidenbach is a 4-star analyst with an average return of 17.9% and a 44.7% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Iovance Biotherapeutics Inc, Global Blood Therapeutics, and Sorrento Therapeutics.

Compugen Ltd has an analyst consensus of Moderate Buy, with a price target consensus of $9.

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Based on Compugen Ltd’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $9.31 million. In comparison, last year the company had a GAAP net loss of $8.71 million.

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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.