Colleen M. Kusy, an analyst from Robert W. Baird, maintained the Hold rating on Mersana Therapeutics (MRSN – Research Report). The associated price target is $1.00.
Colleen M. Kusy has given her Hold rating due to a combination of factors surrounding Mersana Therapeutics’ clinical developments and strategic decisions. Mersana’s progress on its antibody drug conjugates, including the anticipated mid-2024 data from the XMT-1660 Phase 1 trial, supports cautious optimism. However, timelines have been adjusted, with the dose escalation part of the trial still ongoing, indicating a need for further data before a more definitive investment stance can be taken.
Furthermore, while the FDA’s lift of the clinical hold on the XMT-2056 trial allows for its continuation, the need to restart at a lower dose range after a serious adverse event signals a level of uncertainty. Mersana’s strategic pivot following the failed UPLIFT trial outcome for UpRi also suggests a period of realignment. Combined, these points contribute to a Hold rating, as Kusy likely awaits clearer signals of efficacy and safety from the upcoming trial data before altering her investment recommendation.
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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:
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