CGEN - Compugen: Speculative Play For Immuno-Oncology Exposure

• Compugen has concentrated exposure to immuno-oncology, where it has formed key collaborations with large players in early-stage studies.
• Shareholders have seen +119% upside YTD; however, accurate valuation is difficult at present due to uncertainty of future cash flows and pipeline conversions.
• Key collaborations with Bristol-Myers, Bayer AG and AstraZeneca have the potential to deliver long-tailed asset returns if successful, whilst reducing execution risks.
• We are bullish on the company, betting on its biomarker-driven hypothesis for solid tumour, alongside positive outcomes on collaborative data.

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