Back to top
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
AstraZeneca PLC (AZN) - free report >>
Bristol Myers Squibb Company (BMY) - free report >>
We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
AstraZeneca PLC (AZN) - free report >>
Bristol Myers Squibb Company (BMY) - free report >>
Image: Bigstock
Compugen (CGEN) Stock Up on Bristol Myers' $20M Investment
Shares of clinical-stage cancer immunotherapy company Compugen Ltd. (CGEN - Free Report) jumped 14.01% after it announced that Bristol Myers Squibb (BMY - Free Report) completed $20 million equity investment in it.
In exchange, Bristol Myers obtained 2,332,815 shares of Compugen at $8.57333 per share, which represents a 33% premium to the closing price on Nov 9.
Earlier in February, Compugen announced the expansion of its clinical collaboration agreement with Bristol Myers. Under the amended agreement, Bristol Myers Squibb will supply Opdivo (nivolumab), its PD-1 inhibitor, for Compugen's phase Ib cohort expansion study. This study is designed to evaluate COM701, Compugen's first-in-class anti-PVRIG antibody, in combination with Opdivo in selected cancer indications.
COM701 is Compugen's lead product candidate for the treatment of solid tumors.
Separately, Compugen and Bristol Myers Squibb are also investigating COM701 in a triple combination study with Opdivo and BMS-986207, Bristol Myers’ investigational anti-TIGIT antibody.
Shares of Compugen have lost 40.9% compared to the industry’s decline of 14.2%.
The support of a bigwig like Bristol Myers bodes well for Compugen and the successful development of the candidate will be a significant boost for the company.
COM902, Compugen's second fully owned clinical antibody targeting TIGIT, for the treatment of solid and hematological tumors, is being evaluated as a single agent and in dual combination.
We note that Compugen has also formed strategic collaborations with other bigwigs like Bayer (BAYRY - Free Report) and AstraZeneca (AZN - Free Report) .
The company entered into an agreement with Bayer in 2013 for the research, development, and commercialization of immuno-oncology therapeutics against novel targets.
Under this agreement, Compugen collaborates with Bayer on BAY 1905254 targeting ILDR2.
The company entered into a license agreement with AstraZeneca in 2018.
Per this agreement, AZD2936, a TIGIT/PD-1 bispecific derived from COM902 is being evaluated in phase I for the development of bispecific and multi-specific antibodies.
Compugen currently sports a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.