PYXS Should I Buy

RBC Capital analyst Leonid Timashev lowered the firm's price target on Pyxis Oncology to $5 from $8 and keeps an Outperform rating on the shares. The company reported phase 1 data from their micvo mono and combo trials in recurrent/metastatic head and neck squamous cell carcinoma, and there was a lot to digest in this update - efficacy that looks like it beat the bar, combinatorial synergy potential, and potential for further optimization, balanced against a smaller than expected update and a high adverse effect and discontinuation rate, the analyst tells investors in a research note. The complexity of the dataset may explain the downward move, but there is likely a sufficient therapeutic window to navigate a path forward as combo data at lower doses may on its own provide enough of an opportunity to support its fair value estimate, the firm added.