** Guggenheim starts coverage on drugmaker Crescent Biopharma CBIO.O with "buy"; sets PT at $35

** Says CBIO has a compelling investment thesis as it awaits long-term data for its experimental lung cancer treatment, CR-001, in Q1 2027

** Says this will provide a clear comparable to Summit's SMMT.O ivonescimab, which belongs to a similar class of drugs

** CBIO's proprietary antibody-drug conjugate $(ADC)$ pipeline, known as "guided-missile" cancer drugs, could generate independent value as monotherapy and be synergistic with CR-001 in earlier solid tumor treatment settings - Brokerage

** "We see CBIO as set up to be awarded significant value both from what the company is replicating and what the company is pioneering" - Brokerage

** As of last close, CBIO stock down 52.37% in the past 12 months

(Reporting by Gnaneshwar Rajan in Bengaluru)

((Gnaneshwar.Rajan@thomsonreuters.com;))