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Investing.com - Stifel has reiterated its Buy rating and $28.00 price target on Crescent Biopharma Inc (NASDAQ:CBIO), citing encouraging data from the company’s cancer drug trials. This aligns with the broader analyst consensus, as InvestingPro data shows analyst targets ranging from $22 to $28, with a strong buy recommendation of 1.14 (where 1 is a strong buy).
The research firm expressed optimism following statistically significant overall survival (OS) results from the HARMONi-A trial testing ivonescimab in second-line EGFR-mutated non-small cell lung cancer (NSCLC). While the company’s market cap stands at $9.21 million, InvestingPro analysis indicates a "GREAT" financial health score of 3.72 out of 5, suggesting solid fundamentals despite being currently overvalued according to InvestingPro’s Fair Value model.
Stifel noted this positive outcome reduces concerns about the ongoing HARMONi-2 trial, which is testing ivonescimab against pembrolizumab in first-line NSCLC and has not yet shown statistically significant OS at an interim analysis.
The longer follow-up in the HARMONi-A trial, conducted by Akeso in Asia, delivered a "statistically-significant and clinically-meaningful OS benefit" independent of geographic population differences, according to Stifel’s analysis.
This result supports the notion that longer follow-up improves progression-free survival to overall survival translation with ivonescimab, which Stifel believes is important for validating CR-001’s opportunity in first-line NSCLC treatment.
In other recent news, Crescent Biopharma has appointed Jan Pinkas, Ph.D., as its new chief scientific officer. Pinkas brings over two decades of experience in oncology drug development, which includes expertise in antibody-drug conjugates. Meanwhile, GlycoMimetics announced a 1-for-100 reverse stock split of its common stock, set to take effect in June 2025, following its anticipated merger with Crescent Biopharma. This strategic move will reduce GlycoMimetics’ outstanding shares significantly, although the total authorized common stock will remain at 175 million shares.
On the analyst front, Jefferies initiated coverage on Crescent Biopharma with a Buy rating, setting a price target of $26.00, citing the promising potential of its lead asset, CR-001. Similarly, Catalyst Biosciences received a Buy rating from H.C. Wainwright, with a price target of $25.00, as the firm sees the company as a potential merger and acquisition target. Wedbush also initiated coverage on Catalyst Biosciences with an Outperform rating and a $27.00 price target. The firm highlighted the company’s focus on oncology and its development of CR-001 and two Top1i-ADC programs.
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