Pyxis Oncology Inc. (PYXS) PT Raised to $19 at Wells Fargo

Wells Fargo analyst Derek Archila raised the price target on Pyxis Oncology Inc. (NASDAQ: PYXS) to $19.00 (from $12.00) while maintaining a Overweight rating.

The analyst comments "We don't think investors fully appreciate MICVO's benefit in 2L+ HNSCC, particularly relative to current SOC. Safety is acceptable and creates a highly favorable benefit/risk profile. We raise our POS and are more convicted in our ~$2B peak est. MICVO delivered robust efficacy met/exceeded our base case (here). The 36% cORR and 6.2 mos mPFS met/exceeded our base case. The 79% 12-mos OS w CI 58%-90% was an upside surprise. Among 5 pts treated w peto/ficera, cORR was 40%. This is encouraging and supports MICVO's utility post peto/ficera as they move into the 1L. Pts w prior EGFR were more heavily pretreated (median ~3L vs. 2 in naive), thus lower cORR of 28%. Overall, we believe the data establishes MICVO as a key 2L+ option in HNSCC."

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