PYXS - Jefferies initiates Pyxis with a buy citing antibody drug conjugate candidates

Jefferies has initiated Pyxis Oncology (NASDAQ:PYXS) with a buy rating due to the company's development of next-generation antibody drug conjugates ("AJC") for cancer indications. The firm has a price target of $25 (~89% return). Analyst Eun Yang writes that the company has three AJCs poised to enter the clinic in 2022 and 2023, and if successful in those trials, could provide significant upside. Assuming 2027 approval, she predicts sales of PYX-201 in non-small lung cancer of $2.4B and $1.6B in breast cancer by 2032. For PYX-202, Yang assumes 2032 sales of $480M for small cell lunch cancer. For PYX-203, by 2032, she predicts sales of $350M in acute myeloid leukemia. Pyxis had its IPO earlier this month.

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Jefferies initiates Pyxis with a buy citing antibody drug conjugate candidates