Robert W. Baird analyst Colleen M. Kusy maintained a Hold rating on Mersana Therapeutics (MRSN – Research Report) on November 7 and set a price target of $1.00.
Colleen M. Kusy has assigned a Hold rating to Mersana Therapeutics due to a variety of reasons. A key factor is the ongoing progress of the company’s XMT-1660 Phase 1 clinical trial which is advancing as planned, with completion of dose escalation expected by the end of 2023. Moreover, the initiation of dose expansion is scheduled for 2024. It’s also noteworthy that the company has started enrolling additional patients for various dose levels in the backfill cohorts. However, management has yet to announce whether escalation data will be reported or if they will wait for dose expansion. The guidance for data timelines is anticipated in January.
Another reason for Kusy’s rating is the recent clearance of the clinical hold on XMT-2056 by the FDA, allowing the company to recommence the study at a lower dose. It’s important to mention that the clinical hold was imposed following a serious adverse event in the second patient dosed in dose escalation. That said, Mersana remains confident in achieving a positive therapeutic index, albeit at a lower dose range. Lastly, Mersana’s financial position is solid, with a net loss of $0.35 per share in the third quarter of 2023 and a cash reserve of $241M, which is projected to support its operations until 2026.
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Mersana Therapeutics (MRSN) Company Description:
Mersana Therapeutics, Inc. engages in the development and manufacture of antibody drug conjugates to improve patient outcomes in multiple oncology indications. Its lead product candidates are XMT-1522, which focuses on breast cancer and non-small cell lung cancer (NSCLC); and XMT-1536, which targets ovarian cancer and NSCLC. The company was founded by Mikhail Papisov in 2001 and is headquartered in Cambridge, MA.
Read More on MRSN:
- Mersana Therapeutics reports Q3 EPS (35c), consensus (36c)
- Mersana Therapeutics Provides Business Update and Announces Third Quarter 2023 Financial Results
- Mersana Therapeutics to Host Third Quarter 2023 Conference Call on November 7, 2023
- Mersana Therapeutics Announces FDA has Lifted Clinical Hold on Phase 1 Clinical Trial of XMT-2056
- Mersana Therapeutics says FDA lifts clinical hold on Phase 1 trial of XMT-2056
