Crescent Biopharma's (CBIO) potential treatment for advanced solid tumors CR-001 has been validated by the results of Akeso's phase 3 trial for ivonescimab, Wedbush said in a Monday note.

Interim analysis showed that ivonescimab reduced the risk of death by 27% in PD-L1-positive locally advanced or metastatic non-small cell lung cancer, compared with pembrolizumab, with an improvement in median overall survival of 8.2 months, the note said.

"We view the HARMONi-2 OS confirmation as continued, and increasingly definitive, class validation for CBIO's CR-001," the report said.

CR-001 is currently being evaluated in a phase 1/2 trial

across multiple solid tumor types, including 1L/2L NSCLC, gastric, and gynecological cancer patients, the note said, adding that initial CR-001 data are expected in Q1 of 2027.

Wedbush kept its outperform rating and a price target of $27.

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