Compass Therapeutics' Bile Duct Cancer Drug Seen As New Standard Of Care

On Monday, William Blair initiated coverage of Compass Therapeutics, Inc. (NASDAQ:CMPX), citing the potential success of its lead program, tovecimig, a DLL4xVEGF bispecific antibody, in previously treated biliary tract cancer (BTC).

Analyst Matt Phipps wrote that tovecimig is likely to become the new standard of care in second-line BTC, as the data are likely to exceed the benchmarks achieved by FOLFOX in the ABC-06 trial.

With 15,000 patients annually in the U.S. likely eligible for tovecimig in this indication, William Blair views this blockbuster market opportunity as comparable in size to first-line metastatic melanoma or first-line metastatic head and neck cancer.

Also Read: Small Cap Compass Therapeutics Shares Positive Primary Goal Data From Pivotal Cancer Drug Study For Biliary Tract Cancer

Analyst Phipps estimates peak worldwide sales of $1.46 billion in BTC, resulting in a net present value of $9.84 per share for Compass.

William Blair initiated with an Outperform rating.

“We also believe there is proof of concept for DLL4xVEGF bispecifics in other indications, including ovarian cancer and colorectal cancer,” the analyst wrote in an investor note on Monday.

In December 2025:

• Canaccord Genuity initiated coverage on Compass Therapeutics with a Buy rating and a price forecast of $10.
• Citizens initiated coverage on Compass Therapeutics with a Market Outperform rating and a price forecast of $10.
• Cantor Fitzgerald initiates coverage on Compass Therapeutics with an Overweight rating.

CMPX Price Action: Compass Therapeutics shares were down 4.45% at $4.94 at the time of publication on Monday, according to Benzinga Pro data.

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