On Tuesday, Piper Sandler showed increased confidence in CytomX Therapeutics (NASDAQ:) stock, upgrading the company’s rating from Neutral to Overweight and setting a new price target at $3.50, up from the previous $2.25. This decision follows the review of initial data for CX-904, an EGFRxCD3 T-cell engaging antibody (TCE).
The data suggested potential improvements in the therapeutic window due to masking technology, and the unmasking process appeared to generate an active TCE.
The observed early activity in pancreatic cancer treatment is particularly promising, with the expectation that further trials could confirm these results.
According to the firm, the early efficacy of CX-904 aligns with historical data from other validated solid tumor TCEs in the dosing finding phase. With the optimal step-dosing strategy, CX-904 might demonstrate definitive activity within late-line pancreatic cancer treatment.
The upgraded price target to $3.50 reflects the incorporation of second-line and beyond pancreatic ductal adenocarcinoma (PDAC) as a defined opportunity for CX-904. The valuation also now accounts for the broader platform value that CytomX’s technology could offer.
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