Oppenheimer analyst Mark Breidenbach maintained a Buy rating on Compugen Ltd (CGEN) yesterday and set a price target of $9. The company’s shares closed yesterday at $3.12.
Breidenbach said:
“Tuesday, Compugen reported 4Q18 results and reviewed recent progress. On the call, we learned that the ongoing Phase 1 trial of COM701 has advanced through initial accelerated dose escalation into standard 3+3 cohorts. In 2Q, we expect dose escalation for a COM701 + Opdivo combination to commence in a clinical collaboration with Bristol-Myers Squibb (BMS), and dose escalation in the monotherapy and combination trials could complete later this year. To conserve cash, Compugen is focusing resources on COM701 and TIGIT-targeting COM902, and reducing operational expenses with a 35% workforce reduction. The restructuring could potentially extend Compugen’s cash runway into mid-2020. We would be buyers of the stock ahead of potential clinical proof-of-concept, which could be delivered in the next 12-18 months. Reiterate Outperform, $9 PT.”
According to TipRanks.com, Breidenbach is a 2-star analyst with an average return of 0.0% and a 43.4% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Iovance Biotherapeutics Inc, Alpine Immune Sciences Inc, and Global Blood Therapeutics.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Compugen Ltd with a $9 average price target.
See today’s analyst top recommended stocks >>
Based on Compugen Ltd’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $3.11 million. In comparison, last year the company had a GAAP net loss of $9.31 million.
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.