In a report released today, Mark Breidenbach from Oppenheimer maintained a Buy rating on Compugen Ltd (CGEN), with a price target of $9. The company’s shares opened today at $3.20.
Breidenbach said:
“Wednesday, Compugen announced 3Q18 earnings and business updates. The first patient has been dosed in the Phase 1 trial of its first-in-class PVRIG-targeting antibody COM701. Following an accelerated dose escalation stage to evaluate safety, COM701 therapy will likely be combined with nivolumab, provided under the framework of Compugen’s clinical collaboration with Bristol-Myers Squibb. The collaboration could eventually lead to a trial of COM701 with nivolumab and BMS-986207, BMY’s clinical stage anti-TIGIT antibody. As a reminder, blockade of both PVRIG and TIGIT may be required to overcome tumor immunosuppression in certain cancers, highlighted by SITC abstracts published on Tuesday. We believe early Phase 1 results for TIGIT-targeting drugs could underscore a role for COM701 in effective combination immunotherapy. Reiterate Outperform, $9 PT.”
According to TipRanks.com, Breidenbach is a 3-star analyst with an average return of 1.7% and a 37.7% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Alpine Immune Sciences Inc, Global Blood Therapeutics, and Sorrento Therapeutics.
Currently, the analyst consensus on Compugen Ltd is a Moderate Buy with an average price target of $10.
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Based on Compugen Ltd’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $10.19 million. In comparison, last year the company had a GAAP net loss of $9.87 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.
