Apr. 27 at 11:47 AM
RBC Capital⬆️
$CGON's PT to
$79 from
$73 and reiterated at Outperform.
$TARA $URGN JNJ TYRA IBRX
RBC Capital said in its PT increase note:
We feel one of the most complex catalysts in our universe is PIVOT-006, given both limited data from which to base readout expectations on a fundamental basis, and the recent run-up and future catalyst path from a tactical perspective.
Here, we look to pull apart key features of the catalyst to build a plausible picture of the upcoming data cut based on mgmt commentary, KOL feedback, and an in-depth analysis of the academic literature.
Based on our work, we expect data from the trial in early June and creto to deliver a ~40% risk reduction, driving 20% upside in shares.
Given the large >
$1.2B U.S. opportunity for creto in IR, which builds on its already impressive profile in HR and physician excitement, we continue to like the setup, and would be buyers. Tgt to
$79.
