Oppenheimer Thinks Constellation Pharmaceuticals Inc’s Stock is Going to Recover

By Ryan Adsit

In a report released today, Leah R. Cann from Oppenheimer initiated coverage with a Buy rating on Constellation Pharmaceuticals Inc (CNSTResearch Report) and a price target of $21. The company’s shares closed yesterday at $5.80, close to its 52-week low of $5.57.

Cann commented:

“The timing of the expansion of the ProSTAR study for CPI-1205 into phase II for the potential treatment of metastatic castration-resistant prostate cancer (mCRPC) supports our outlook for timing of the ProSTAR trial. We estimate CPI-1205 could launch in the mCRPC setting in 2023 and result in sales of $1.84 billion in this setting in 2025, accounting for 88% of Constellation’s 2025 revenue. Our outlook remains unchanged.”

According to TipRanks.com, Cann is a 4-star analyst with an average return of 3.8% and a 42.9% success rate. Cann covers the Healthcare sector, focusing on stocks such as Miragen Therapeutics Inc, CytomX Therapeutics Inc, and Crispr Therapeutics AG.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Constellation Pharmaceuticals Inc with a $21 average price target.

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The company has a one-year high of $12.21 and a one-year low of $5.57. Currently, Constellation Pharmaceuticals Inc has an average volume of 40.56K.

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Constellation Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company, which engages in the discovery, develeopment, and provision of biopharmaceutical products. It researches and develops small molecule therapeutics for the treatment of cancer, inflammatory and immunologic disorders. Its products include CPI-1205, CPI-0209, and CPI-0610.