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Investing.com - BTIG raised its price target on Mersana Therapeutics (NASDAQ:MRSN) to $17.00 from $6.00 on Wednesday, while maintaining a Buy rating on the stock. According to InvestingPro data, the stock currently trades at $6.54, having declined over 80% year-to-date.
The price target adjustment follows Mersana’s second-quarter 2025 update, which showed continued execution in its lead B7-H4 ADC program, Emi-Le, with more than 45 triple-negative breast cancer patients enrolled across expansion cohorts. The company expects clinically meaningful data from this program in the second half of 2025.
Mersana management emphasized the competitive opportunity for Emi-Le in a post-Topo-1 ADC setting, where current standard-of-care chemotherapy shows poor outcomes with approximately 5% objective response rate and 6-7 week progression-free survival.
The company is also advancing its immunosynthen ADC, XMT-2056 HER2 program, with dose escalation ongoing and initial PK/PD data expected in the second half of 2025, along with a $15 million development milestone. This milestone from GSK strengthens Mersana’s liquidity, extending its cash runway into mid-2026.
BTIG noted that its price target adjustment accounts for Mersana’s recent 1-for-25 reverse stock split, which necessitated the change from $6 to $17 while maintaining the same valuation perspective. For deeper insights into Mersana’s financial health and valuation metrics, including 12 additional ProTips, check out the comprehensive research report available on InvestingPro.
In other recent news, Mersana Therapeutics reported its Q2 2025 earnings, showing a notable shortfall in both earnings per share (EPS) and revenue compared to analysts’ forecasts. The company reported an EPS of -4.87, which was significantly below the expected -0.16, marking a surprise of 2943.75%. Revenue was reported at 3.06 million dollars, falling short of the projected 6.25 million dollars by 51.04%. These recent developments underscore the challenges Mersana Therapeutics is currently facing in meeting financial expectations.
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