WHAT YOU SHOULD KNOW:
We are initiating coverage on six companies that we believe are undervalued players in the cell therapy space, each developing some variation of autologous CAR-Ts, “off-the-shelf” allogeneic CAR-Ts, γδ CAR-Ts, and IO mAbs for oncology: Adicet Bio (ACET, Buy, $34 PT), CASI Pharmaceuticals (CASI, Buy, $4 PT), Legend Biotech (LEGN, Buy, $55 PT), Mustang Bio (MBIO, Buy, $11 PT), Poseida Therapeutics (PSTX, Buy, $40 PT), and Surface Oncology (SURF, Buy, $17 PT).
We are bullish on the cell and gene therapy space given 1) high unmet need remains allowing next-generation products potentially improving on efficacy, safety, manufacturing, and accessibility, priming the field for high growth, 2) new technological advances achieving strong responses in numerous cancers including difficult-to-treat solid tumors, and 3) an increasingly supportive global regulatory environment with respect to cell therapy. However, with the explosion of cell and gene engineering companies, it is of increasing difficulty for investors to discern signal from noise. We believe stock-picking will be key given limited targets and indications to market. We have selected companies each with their own unique strategies amongst the landscape, which we believe are undervalued, and have attractive growth opportunities.
In addition to our company-specific initiations, we are publishing a comprehensive industry report on cell therapy as it pertains to our coverage with an accompanying slide deck.
Justin Zelin | (212) 738-6189 | [email protected]
This communication does not provide complete information regarding its subject matter, and no investor should take any investment action based on the information contained herein. For additional and more complete information, including Important Disclosures and Analyst’s Certification, please see the attached PDF or click here.