Oppenheimer Keeps a Buy Rating on Compugen Ltd (CGEN)

In a report released today, Mark Breidenbach from Oppenheimer reiterated a Buy rating on Compugen Ltd (NASDAQ: CGEN), with a price target of $9. The company’s shares opened today at $3.96.

Breidenbach noted:

“Squibb (BMS) announced a clinical collaboration to investigate Compugen’s PVRIG-targeting antibody COM701 in combination with nivolumab. The collaboration could potentially evolve to include a triple combination of COM701, nivolumab, and BMS-986207, a clinical-stage anti- TIGIT antibody. Under the agreement, BMS will make a $12M equity investment in Compugen (at a ~50% premium to yesterday’s closing price) in exchange for rights to first negotiation following completion of the designated trials. We believe the collaboration serves as an important external validator of COM701, which was discovered using Compugen’s in-house technology platform. The ongoing Phase 1 monotherapy trial of COM701 trial is not impacted by the collaboration, but we believe participation from BMS on combination trials could accelerate development timelines. Reiterate Outperform rating, $9 PT.”

According to TipRanks.com, Breidenbach is a 4-star analyst with an average return of 7.4% and a 44.7% 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 $10 average price target.

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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 133.1K.

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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.

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