Mar. 12 at 2:55 PM
Cantor reiterated
$CMPX at an Overweight rating, and said: In April, we expect the long-awaited PFS/OS readout from the Phase 2/3 COMPANION-002 trial of tovecimig (DLL4 x VEGF-A) in second-line biliary tract cancer (BTC).
$AZN $MRK PFE RLAY
Cantor added—This represents a high-stakes readout for Compass and one we view with cautious optimism.
In this note, we walk through trial background, expectations for PFS and OS, potential stock scenarios, and key risks.
We believe the trial is highly likely to achieve statistical significance on PFS, broadly in line with investor expectations. The core debate centers on overall survival (OS) and whether the study will clear the statistical threshold on this secondary endpoint. Given that ~80% OS events were triggered in 1Q26, in-line with our assumptions in our initiation report, we maintain our ~50% probability of success for OS.
