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BOSTON - Compass Therapeutics, Inc. (NASDAQ:CMPX), a biopharmaceutical company specializing in oncology with a market capitalization of $242 million, announced the initiation of a clinical trial focusing on a potential new treatment for biliary tract cancer (BTC). The first patient has received a dose of tovecimig (CTX-009), a bispecific antibody, in a study at The University of Texas MD Anderson Cancer Center. According to InvestingPro data, the company maintains a "FAIR" overall financial health score, with analysts anticipating sales growth in the current year.
Tovecimig is designed to inhibit two key pathways involved in tumor growth and vascularization, Delta-like ligand 4 (DLL4) and vascular endothelial growth factor A (VEGF-A). This first-line trial involves adding tovecimig to a standard regimen of gemcitabine, cisplatin, and durvalumab in an estimated 50 patients with unresectable or metastatic BTC. The trial will first conduct a safety run-in phase with 12 patients, followed by an expansion phase with an additional 38 patients. The company’s strong liquidity position, with a current ratio of 14.96x and more cash than debt on its balance sheet, provides runway for this clinical development, though InvestingPro analysis indicates rapid cash burn rates.
The primary objectives of the study are to assess the 6-month progression-free survival rate and the drug’s safety and tolerability, including determining the maximum tolerated dose. Secondary objectives include measuring overall response rate, duration of response, progression-free survival, and overall survival. These results are expected to complement ongoing second-line Phase 2/3 studies, with tovecimig recently meeting its primary endpoint in a Phase 2/3 Study. Further results on secondary endpoints from this study are anticipated in the fourth quarter of this year.
Compass Therapeutics has been actively developing proprietary antibody-based therapeutics since its founding in 2014. Its scientific strategy focuses on the interplay between angiogenesis, the immune system, and tumor growth. The company aims to advance its product candidates through clinical development as standalone therapies and in combination with other proprietary pipeline antibodies.
This press release contains forward-looking statements regarding the clinical development and therapeutic potential of Compass Therapeutics’ product candidates, including tovecimig. These statements are based on the current expectations of the company and are subject to uncertainties and changes in circumstances. With analyst price targets ranging from $6 to $32 per share, InvestingPro subscribers can access detailed valuation metrics and 8 additional ProTips to better evaluate the investment potential. The information in this article is based on a press release statement and does not constitute an endorsement of Compass Therapeutics’ claims. Investors and interested parties are advised to consult additional information set forth in the company’s filings with the U.S. Securities and Exchange Commission.
In other recent news, Compass Therapeutics announced positive results from its COMPANION-002 Phase 2/3 trial, which evaluated the combination of tovecimig with paclitaxel in treating advanced biliary tract cancer. The combination therapy demonstrated a statistically significant improvement in overall response rate compared to paclitaxel alone, with an overall response rate of 17.1% versus 5.3%. This trial enrolled 168 patients and marks a significant development for the company. Meanwhile, Leerink Partners upgraded Compass Therapeutics’ stock rating from Market Perform to Outperform, raising the price target to $6.00, citing a positive outlook on the company’s clinical programs. Stifel also maintained a Buy rating with a $10.00 price target, emphasizing the importance of upcoming data from the COMPANION-002 trial. Piper Sandler initiated coverage with an Overweight rating and set a price target of $12.00, highlighting the anticipated data readout from the COMPANION-002 trial as a potential catalyst. These developments underscore the growing interest and optimism among analysts regarding Compass Therapeutics’ ongoing projects and future prospects.
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