Constellation Pharmaceuticals initiated with an Outperform at BMO Capital. BMO Capital analyst Do Kim initiated Constellation Pharmaceuticals with an Outperform rating and a price target of $19, saying that while the stock reflects its lead asset CPI-1205, the valuation for its second drug – CPI-0610, a BET inhibitor, for myelofibrosis – is “minimal”. The analyst notes that his price target accounts for accounts for risk-adjusted revenues for both programs, but the upside scenario could produce $35 per share price as expects CPI-1205 to show synergistic benefit with Xtandi/Zytiga in castration-resistant prostate cancer and for CPI-0610 to potentially “expand Jakafi’s $1B market by improving response rates and increasing treatment duration”.
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