Oppenheimer initiated coverage of Adlai Nortye (ANL) with an Outperform rating and $32 price target. While the shares are up 770% year-to-date on a favorable read-through to AN9025 from Revolution Medicines' (RVMD) updates, there is potential for additional "meaningful upside" from both AN9025 and Adlai 's broader pipeline, particularly with AN4035, a novel pan-RAS(ON)i-conjugated antibody, the analyst tells investors in a research note. The firm says AN4035 could be the first U.S. clinical-stage program leveraging this "novel modality," combining potent pan-RAS(ON) inhibition and antibody-mediated tumor-targeted delivery.
