Cantor starts Chemomab Therapeutics at OW; PT $45

Cantor Fitzgerald initiated coverage of Chemomab Therapeutics (NASDAQ:CMMB) with an “overweight” rating and $45 price target. The stock closed at $16.07 on May 25.

Chemomab is a clinical-stage biotech company focusing on a pipeline of both rare and highly prevalent fibrotic diseases with high unmet medical needs. The pipeline centers around one candidate, monoclonal antibody, CM-101, that targets the chemokine, CCL24, and can be delivered either intravenously or subcutaneously, writes analyst Kristen Kluska. 

“As a novel target, we think Chemomab’s researchers have conducted extensive preclinical and early-stage clinical testing to validate the dual role CCL24 plays across fibroblast activation and immune cell recruitment,” she added. 

Ms. Kluska said CM-101 has the potential to serve as a “pipeline in a product” and could attract a partnership. 

With three Phase 2a trials expected to be ongoing by the end of the year, “we think there are many near-term inflection points, including two data readouts during the first half of 2022, to drive value to the stock,” she said.